EG Industries may trend higher after it broke above the RM2.12 resistance and hit a new record high on Friday. The stock also broke out from the 3-week bullish pennant pattern, likely indicating that the near-term bullish trend may persist. A bullish bias may emerge above the RM2.12 level with stop-loss set at RM1.98, below the 12 Jul low. Towards the upside, near-term resistance level is seen at RM2.50, followed by RM2.70.

Entry : RM2.12–2.26

Target : RM2.50, RM2.70

Exit : RM1.98

Source: AmInvest Research - 15 Jul 2024