Yesterday, the stock pushed above its 50-day EMA for the first time since 5th June. The pick up in buying also sent prices to a new 1-month high, forming a higher high and higher low structure in the process. The bulls have an upper hand here now with prices currently trading above all the EMAs.

Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) have hooked up once more, possibly signalling the bulls are in charge at the moment.

We think that aggressive traders may want to go long here or on weakness with a stop-loss set at RM1.16 (a tick below the July low). On the upside, prices may push on to test the historical resistance at RM1.35 and RM1.47 next.

Source: CGS-CIMB Research - 21 Aug 2024