Kim Loong Resources’ buying momentum is back after it broke out of a 2-week bullish pennant pattern yesterday. With the stock posting a long positive candle and pushing near its multi-year high, additional upside strength may be present in the near term. A bullish bias may emerge above the RM2.40 level with stop-loss set at RM2.28, below the 50-day EMA. Towards the upside, near-term resistance level is seen at RM2.70, followed by RM2.80.

Entry : RM2.40–2.48

Target : RM2.70, RM2.80

Exit : RM2.28

Source: AmInvest Research - 10 Sept 2024