Hong Leong Bank may trend higher after it broke above the key RM20.00 resistance with a long positive candle a few sessions ago. The stock pushing near its multi-year high, supported by rising EMAs, likely indicates that the upward momentum may be picking up. A bullish bias may emerge above the RM20.00 level with stop-loss set at RM18.60, below the 50-day EMA. Towards the upside, near-term resistance level is seen at RM22.00, followed by RM24.00.

Entry : RM20.00–20.26

Target : RM22.00, RM24.00

Exit : RM18.60

Source: AmInvest Research - 22 Aug 2024