Top Glove Corporation Bhd

• TOPGLOV may continue its upward trajectory following the formation of a positive cross, with its 20-day EMA moving above the 50-day EMA yesterday. The stock also broke out from the 6 months downtrend line a few candles back, hence, it may see additional strength in the coming sessions.

• We expect the rising momentum is set to steer the stock higher and test the subsequent level of RM1.00 (R1), followed by RM1.15 (R2).

• On the downside, stop-loss is set at RM0.74, below the 15 Nov’s low.

Source: Rakuten Research - 24 Nov 2023

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