We believe Bonia Corporation’s near-term uptrend remains intact after it formed a bullish hammer pattern two sessions ago. The stock pushing near its all-time high, supported by its rising EMAs, likely indicating that the bullish momentum may be picking up. A bullish bias may emerge above the RM2.30 level, with a stop-loss set at RM2.14, below the hammer pattern support. Towards the upside, the near-term resistance level is seen at RM2.60, followed by RM2.80.
Entry : RM2.30–2.47
Target : RM2.60, RM2.80
Exit : RM2.14
Source: AmInvest Research - 12 May 2022
