Sime Darby Property broke out from its 6-week bullish triangle pattern with a positive candle on Friday, implying that a bullish reversal sign may have occurred. As the 20-day and 50-day EMAs are converging now and likely to confirm a bullish crossover soon, positive momentum is rising. A bullish bias may emerge above the RM1.40 level with stop-loss set at RM1.28, below the 9 Sep low. Towards the upside, near-term resistance level is seen at RM1.60, followed by RM1.70.

Entry : RM1.40–1.45

Target : RM1.60, RM1.70

Exit : RM1.28

Source: AmInvest Research - 17 Sept 2024