P.I.E. Industrial may trend higher after it surged to a new 52-week high and closed above the RM3.50 resistance yesterday. As the stock also broke out of the 4-week bullish pennant pattern, it may see additional strength in the near term. A bullish bias may emerge above the RM3.50 level, with a stop-loss set at RM3.20, below the 50-day EMA. Towards the upside, the near-term resistance level is seen at RM3.80, followed by RM4.00.
Entry : RM3.50–3.57
Target : RM3.80, RM4.00
Exit : RM3.20
Source: AmInvest Research - 24 Mar 2023
