Ancom Nylex’s buying momentum is back after it broke out of the 1-week bullish flag pattern with a white marubozu candlestick yesterday. With the 20-day EMA remaining above the 50-day EMA since the bullish crossover in mid-December, the uptrend may continue in the near term. A bullish bias may emerge above the RM1.04 level, with a stop-loss set at RM0.97, below the 50-day EMA. Towards the upside, the near-term resistance level is seen at RM1.20, followed by RM1.25.
Entry : RM1.04–1.08
Target : RM1.20, RM1.25
Exit : RM0.97
Source: AmInvest Research - 4 Jan 2023
