Malaysia Smelting Corporation broke out from a 1-week bullish flag pattern on Friday, implying that its previous uptrend may have resumed. In view of the uncovered upside gap formed on 12 April with rising EMAs, the upward momentum is likely to pick up further. A bullish bias may emerge above the RM2.80 level with stop-loss set at RM2.58, below the upside gap support. Towards the upside, near-term resistance level is seen at RM3.20, followed by RM3.50.

Entry : RM2.80–2.95

Target : RM3.20, RM3.50

Exit : RM2.58

Source: AmInvest Research - 22 Apr 2024