Bonia Corporation broke out from its 4-week bullish rectangle pattern with a long white candle yesterday, implying that its previous uptrend may have resumed. Coupled with the positive cross of its 20-day EMA above the 50-day EMA, this bullish crossover has enhanced the near term positive momentum. A bullish bias may emerge above the RM2.33 level, with a stop-loss set at RM2.13, below the 50-day EMA. Towards the upside, the near-term resistance level is seen at RM2.70, followed by RM2.86.
Entry : RM2.33–2.45
Target : RM2.70, RM2.86
Exit : RM2.13
Source: AmInvest Research - 17 Aug 2022
