Seng Fong may trend higher after it recovered above the RM1.10 threshold and negated the bearish 5 Aug’s downside gap a
few sessions ago. With the bullish engulfing pattern coming off the rising 50-day EMA, buying momentum is likely picking up. A
bullish bias may emerge above the RM1.10 level with stop-loss set at RM0.99, below the 50-day EMA. Towards the upside, nearterm resistance level is seen at RM1.35, followed by RM1.40.

Entry : RM1.10–1.15

Target : RM1.35, RM1.40

Exit : RM0.99

Source: AmInvest Research - 9 Aug 2024