We expect further upside in Gadang given that it has successfully breached the 15-month downtrend line yesterday. As the 20- day and 50-day EMAs have confirmed their bullish crossover a week ago, the stock looks bullish in the short and medium term. A bullish bias may emerge above the RM0.395 level, with a stop-loss set at RM0.375, below the 20-day EMA. On the upside, the near-term resistance level is seen at RM0.425, followed by RM0.45.
Entry : RM0.395–0.405
Target : RM0.425, RM0.45
Exit : RM0.375
Source: AmInvest Research - 31 Mar 2022
