TAS Offshore’s buying momentum is back after it broke out of the 2-week bullish pennant pattern with a long positive candle yesterday. A new multi-year high coupled with rising EMAs indicate that additional upside strength may be present in the near term. A bullish bias may emerge above the RM0.90 level with stop-loss set at RM0.77, below the 20-day EMA. Towards the upside, near-term resistance level is seen at RM1.00, followed by RM1.10.

Entry : RM0.90–0.92

Target : RM1.00, RM1.10

Exit : RM0.77

Source: AmInvest Research - 21 May 2024