Mercury Securities Research

Kerjaya Prospek Group (7161) - More Upside on the Play?

MercurySec
Publish date: Mon, 14 Oct 2024, 09:29 AM
An official blog in i3investor to publish research reports provided by Mercury Securities Research team.

All materials published here are prepared by Mercury Securities Sdn. Bhd.

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Technical Highlights

The stock's consistent momentum propelled it into a bullish uptrend toward its 52- week high in early July. However, a series of downward corrections marked the beginning of a consolidation phase. This consolidation appeared short-lived as the stock regained buying interest. Last Friday, a surge in buying strength drove the stock upward, breaking through the pennant pattern. This breakout has positioned the stock above all its EMA lines, indicating positive upward momentum ahead. Momentum indicators further reinforce this bullish perspective. The RSI has shown a significant upward trend after a period of steady movement, suggesting a resurgence in buying interest. Meanwhile, after months of neutral activity, the MACD has finally shifted upward, confirming the stock's bullish trajectory. An ideal entry point lies between RM1.92 and RM1.95. The first resistance to monitor is RM2.01. If the stock successfully breaks through this level, the next target will be RM2.12. Conversely, a drop below RM1.91 could signal the start of a consolidation phase

Entry – RM1.92 – RM1.95

Stop Loss – RM1.81

Target Price – RM2.01 – RM2.12

Source: Mercury Securities Research - 14 Oct 2024

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