Cypark Resources Bhd (5184)

• CYPARK gained 2.94% or 4 sen to RM1.40 yesterday.

• Yesterday’s close saw a breakout from its key 50-day moving average on the back of a bullish key momentum indicator, MACD. Given the positive market sentiment on renewable energy incentives given to solar energy companies during Budget 2020, Cypark being a key beneficiary should see share price to trend higher towards the RM1.50 level.

• From here, resistance levels are expected at RM1.45 (R1) and RM1.55 (R2).

• On the flip side, downside supports levels are seen at RM1.26 (S1) and RM1.23 (S2).

Source: Rakuten Research - 15 Oct 2019