We believe the buying momentum for QL Resources may have returned after it pushed out from its 7-week bullish rectangle pattern with another white candle yesterday. As the stock has surged to a 6-month high, the near term bullish trend may still have legs. A bullish bias may emerge above the RM5.70 level, with a stop-loss set at RM5.38, below the 50-day EMA. Towards the upside, the near-term resistance level is seen at RM6.00, followed by RM6.20.
Entry : RM5.70–5.80
Target : RM6.00, RM6.20
Exit : RM5.38
Source: AmInvest Research - 11 Jan 2023
