QL Resources Bhd (QL, 7084)

• We believe the buying interest for QL may have returned after breaking out from the 3-weekrectangular pattern two sessions ago. In view of the 3 consecutive white candles couple with the stocks pushing further away from all the EMAs, the upward momentum may be more prevalent now.

• We expect the rising momentum is set to steer the stock higher and test the next level of resistanceof RM6.32 (R1) and RM6.50 (R2) in the near term.

• On the downside, stop-loss is set at RM5.65, below the 2 Jan’s low.

Source: Rakuten Research - 11 Jan 2024

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