Magni-Tech Industries may trend higher after it broke above the RM2.30 resistance and hit a new 52-week high yesterday. In view that the 20-day and 50-day EMAs are starting to turn upwards, additional upside strength may be present in the near term. A bullish bias may emerge above the RM2.30 level, with a stop-loss set at RM2.16, below the 50-day EMA. Towards the upside, the near-term resistance level is seen at RM2.50, followed by RM2.70.

Entry : RM2.30–2.33

Target : RM2.50, RM2.70

Exit : RM2.16

Source: AmInvest Research - 14 Jun 2024