Texchem Resources’ buying interest is back after it broke out of the 2-week bullish flag pattern with a long white candle on Friday. As the stock closed at its all-time high, supported by its rising EMAs, this likely indicates that the upward momentum may be picking up. A bullish bias may emerge above the RM3.00 level, with a stop-loss set at RM2.68, below 10 May’s low. Towards the upside, the near-term resistance level is seen at RM3.50, followed by RM3.60.
Entry : RM3.00–3.15
Target : RM3.50, RM3.60
Exit : RM2.68
Source: AmInvest Research - 17 May 2022
