Superlon Holdings Bhd (SUPERLN, 7235)

• SUPERLN may trend higher after breaking out from its 7-week downward channel pattern with a long white candle yesterday. In view of the stock bouncing off the 20-day EMA with a white marubozu candlestick yesterday coupled with its 20-day EMA starting to turn upward hence indicating that the near-term bullish trend may persist.

• We expect the rising momentum is set to steer the stock higher and test the next level of resistance of RM0.88 (R1) and RM0.92 (R2) in the near term.

• On the downside, stop-loss is set at RM0.74, below the 6 Feb’s low.

Source: Rakuten Research - 15 Feb 2024

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