Kim Loong Resources (KMLOONG | 5027)
Last Price: RM2.54 | Technical Call: BUY
Support 1: RM2.45 | Resistance 1: RM2.70 |
Support 2: RM2.35 | Resistance 2: RM2.80 |
Shariah Compliant: Yes | Sector: Plantation |
We expect further upside for Kim Loong Resources after it recouped the previous session's losses and reached a new multi- year high yesterday. The stock's move above the RM2.45 resistance coupled with its rising EMAs, indicates that the near term bullish trend may persist. A bullish bias may emerge above the RM2.45 level with stop-loss set at RM2.33, below the 50-day
EMA. Towards the upside, near-term resistance level is seen at RM2.70, followed by RM2.80.
Entry: RM2.45-2.54
Target: RM2.70, RM2.80
Exit: RM2.33
Source: AmInvest Research - 8 Nov 2024
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