Hartalega Holdings Bhd (HARTA, 5168)

breakout above RM2.26, marked by a strong white candle and increased trading volume. Positive technical indicators like RSI and improving EMAs support the potential for further upside in the near term.

• A bullish bias may emerge above the RM2.26 level and should lift it towards the subsequent level ofRM2.48 (R1), followed by RM2.61 (R2).

• On the downside, stop-loss is set at RM2.06, below the 50-day EMA.

• On a fundamental note, HARTA reported a net profit of RM27.7m in Q2FY24, halting a three-quarterlosing streak. We anticipate a volume improvement in next quarter due to increased demand and lower average selling prices (ASPs).

Source: Rakuten Research - 8 Nov 2023

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