KPJ Healthcare Bhd (KPJ, 5878)
- Prices have been rising steadily since our last Technical Buy on the stock in 26 October.
- We believe KPJ may extend its upward trajectory after it broke out from the 2-week bullish flagpattern with a long white candle yesterday. After hitting its new 52-week high coupled with all of its rising EMAs, additional upside strength may be prevalent in the near term.
- We expect the rising momentum to steer the stock higher and test the next level of resistance ofRM1.47 (R1), followed by RM1.55 (R2) in the near term.
- On the downside, stop-loss is set at RM1.23, below the 20-day EMA.
Source: Rakuten Research - 14 Dec 2023
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