CEO Morning Brief

Cypark May Trend Higher, Says Rakuten Trade

Publish date: Wed, 12 Jun 2024, 10:48 AM
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TheEdge CEO Morning Brief

KUALA LUMPUR (June 11): Rakuten Trade said Cypark Resources Bhd (KL:CYPARK) may trend higher after breaking out from a two-month downward channel pattern with a long white candle on Monday.

In a technical view note on Tuesday, the research house said with the stock bouncing off the 20-day exponential moving average (EMA) with a potential convergence between the 20-day and 50-day EMA and likely to confirm a bullish crossover soon, the positive momentum may be prevalent now.

“We expect the rising momentum to steer the stock higher and test the next resistance level of 99 sen (R1), followed by RM1.10 (R2).

“On the downside, stop-loss is set at 84 sen,” it said.

Source: TheEdge - 12 Jun 2024

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