Press Metal Aluminium’s buying interest is back after it broke out of the 6-week bullish flag pattern with a long positive candle yesterday. With the stock hitting a new 52-week high and supported by rising EMAs, it likely indicates that upward momentum may be picking up. A bullish bias may emerge above the RM5.40 level with stop-loss set at RM5.18, below the 50-day EMA. Towards the upside, near-term resistance level is seen at RM6.00, followed by RM6.50.

Entry : RM5.40–5.59

Target : RM6.00, RM6.50

Exit : RM5.18

Source: AmInvest Research - 31 May 2024