Iconic Worldwide Bhd

• ICONIC is eyeing to stage a bullish breakout to cross above the immediate resistance of RM0.15. As the stock formed a long white candlestick yesterday after two sessions of doji sign, coupled with supportive technical reading in RSI and a spike in trading volume, this suggest that its bullish momentum is picking up further.

• In the event it breaks above the RM0.15 threshold, this will improve market sentiment and should lift the stock towards the subsequent level of RM0.155 (R1), followed by RM0.16 (R2).

• On the downside, stop-loss is set at RM0.10.

Source: Rakuten Research - 19 Dec 2023

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