Engtex Group surged to a new multi-year high with a long positive candle 2 sessions ago, which likely indicates the return of buying interest. The stock’s move above the RM1.23 resistance coupled with rising EMAs indicate that the near term bullish trend may persist. A bullish bias may emerge above the RM1.23 level with stop-loss set at RM1.15, below the 20-day EMA. Towards the upside, near-term resistance level is seen at RM1.40, followed by RM1.50.

Entry : RM1.23–1.31

Target : RM1.40, RM1.50

Exit : RM1.15

Source: AmInvest Research - 5 Aug 2024