We expect further upside for Magni-Tech Industries after it gapped up and pushed above the RM2.50 resistance with a long positive candle 2 sessions ago. As the stock has surged to a new multi-year high, the near term bullish trend may still have legs. A bullish bias may emerge above the RM2.50 level with stop-loss set at RM2.28, below the 50-day EMA. Towards the upside, near-term resistance level is seen at RM2.80, followed by RM3.00.

Entry : RM2.50–2.56

Target : RM2.80, RM3.00

Exit : RM2.28

Source: AmInvest Research - 6 Sept 2024