Ctos Digital Bhd (CTOS, 5301)

• We believe buying interest of CTOS has returned after it gapped up and broke out from the 9-monthbullish rectangular pattern last Friday. In view of the stock hitting a new 52-week high, coupled with the positive cross of its 20-day EMA above the 50-day EMA, this bullish crossover has strengthened the near-term positive momentum.

• We expect the rising momentum is set to steer the stock higher and test the next level of resistanceof RM1.58 (R1) and RM1.70 (R2) in the near term.

• On the downside, stop-loss is set at RM1.34, below 27 July’s low.

Source: Rakuten Research - 5 Feb 2024

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