On the daily chart, GABUNGAN AQRS BERHAD (AQRS) is currently traversing a consolidation phase, moving sideways (highlighted in yellow) due to a lack of significant trading volume. Despite this, the trend remains positive as the stock stays above both the 200- day and 62-day Moving Averages (MA). Although AQRS is slightly below the 21-day MA, a break above this level would reinforce a bullish outlook. Nevertheless, the Relative Strength Index (RSI) is pointing downward, and the Moving Average Convergence Divergence (MACD) is slightly above the signal line, indicating modest bullishness. If momentum strengthens, the nearest resistance levels range from 0.405 to 0.535. Conversely, if the weakness continues, the nearest support level to monitor will be at 0.345. Our research house recommends a BUY call on AQRS, with a target price of RM0.49.
 

Source: BIMB Securities Research - 17 Jul 2024