The stock pushed out above its resistance of RM0.955 and tested the all-time high yesterday with a white candle. Prices also bounced off all the EMAs on the back of a higher trading volume. IF the stock has completed its base-building since listing, the next leg up may be next in the near term.

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 RM0.905 (a tick below the last swing low). On the upside, prices may push on to test the historical resistance at RM1.00 and RM1.05 (1.618x Fibonacci target) next.

Source: CGS-CIMB Research - 23 Aug 2024