Sime Darby Property Bhd (SIMEPROP, 5288)
- SIMEPROP formed a clear double bottom pattern, which is a strong indication of a potential trendreversal. The confirmation of this pattern will occur when the stock surpasses the resistance level at RM0.66. In view of the 20-day and 50-day EMAs converging hence potentially confirming its bullish crossover soon, the upbeat momentum may be present now.
- If SIMEPROP successfully breaks above the RM0.66 threshold, this is likely to propel the stocktowards the subsequent resistance levels of RM0.69 (R1) and RM0.76 (R2).
- On the downside, stop-loss is set at RM0.56.
Source: Rakuten Research - 3 Jan 2024
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