Samaiden Group Bhd

• SAMAIDEN is pending for a breakout from the downtrend channel pattern as the consolidation within the pattern is likely at the tail-end following yesterday’s rebound. The confluence of positive technical indicators including RSI and improving EMAs, signalled an upward shift in positive momentum.

• In the event it breaks above the RM1.18 threshold, this will indicate a trend reversal and should lift the stock towards the subsequent level of RM1.27 (R1), followed by RM1.34 (R2)

• On the downside, stop-loss is set at RM1.10, below the 5 Oct’s low.

Source: Rakuten Research - 10 Nov 2023

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