We expect further upside for Dancomech after it pushed above the RM0.45 resistance with a long white candle a few candles back. Given that the bullishness of the upside gap that formed on 2 Mar is not yet been negated, coupled with its rising EMAs, the stock still looks positive. A bullish bias may emerge above the RM0.45 level, with a stop-loss set at RM0.42, below the 50- day EMA. Towards the upside, the near-term resistance level is seen at RM0.50, followed by RM0.55.
Entry : RM0.45–0.465
Target : RM0.50, RM0.55
Exit : RM0.42
Source: AmInvest Research - 14 Mar 2023
