Eastern & Oriental may trend higher after it broke out from a 2-month bullish ascending triangle pattern yesterday. The stock’s move above the RM0.98 resistance coupled with rising EMAs indicate that the near term upward momentum may persist. A bullish bias may emerge above the RM0.98 level with stop-loss set at RM0.89, below the 20-day EMA. Towards the upside, nearterm resistance level is seen at RM1.10, followed by RM1.20.

Entry : RM0.98–0.995

Target : RM1.10, RM1.20

Exit : RM0.89

Source: AmInvest Research - 20 Mar 2024