Teo Seng Capital posted 2 positive candles in a row and took out the key RM2.00 resistance yesterday, likely indicating the return of buying interest. As the 20-day and 50-day EMAs have established a bullish crossover since middle of July, it may see additional strength in the near term. A bullish bias may emerge above the RM2.00 level with stop-loss set at RM1.84, below the 50-day EMA. Towards the upside, near-term resistance level is seen at RM2.30, followed by RM2.40.

Entry : RM2.00–2.07

Target : RM2.30, RM2.40

Exit : RM1.84

Source: AmInvest Research - 20 Aug 2024