Press Metal Aluminium’s buying momentum is back after it broke out of the 1-week bullish flag pattern with a long white candle yesterday. As the 20-day and 50-day EMAs have confirmed their bullish crossover a few sessions ago, the stock looks positive in the near term. A bullish bias may emerge above the RM5.13 level with stop-loss set at RM4.78, below the 50-day EMA. Towards the upside, near-term resistance level is seen at RM5.70, followed by RM6.00.

Entry : RM5.13–5.32

Target : RM5.70, RM6.00

Exit : RM4.78

Source: AmInvest Research - 17 Apr 2024