HE Group may rise higher after it formed a long white candle and hit a new all-time high yesterday. The stock’s move above the RM0.55 resistance coupled with rising EMAs indicate that the near term upward momentum may persist. A bullish bias may emerge above the RM0.55 level with stop-loss set at RM0.50, below the 20-day EMA. Towards the upside, near-term resistance level is seen at RM0.65, followed by RM0.70.

Entry : RM0.55–0.57

Target : RM0.65, RM0.70

Exit : RM0.50

Source: AmInvest Research - 9 May 2024