We expect further upside for Powerwell after it recouped the previous session’s losses and pushed higher from the RM0.53 support. With the stock trading near its all-time high coupled with rising EMAs, a bullish outlook can be expected here. A bullish bias may emerge above the RM0.53 level with stop-loss set at RM0.50, below the 20-day EMA. Towards the upside, near-term resistance level is seen at RM0.60, followed by RM0.65.

Entry : RM0.53–0.565

Target : RM0.60, RM0.65

Exit : RM0.50

Source: AmInvest Research - 11 Jul 2024