Aurelius Technology Bhd (ATECH, 5302)

• ATECH may trend higher after breaking out from its 3-week bullish rectangular pattern with a whitemarubozu candlestick yesterday. As the 20-day and 50-day EMAs are converging thus confirming its bullish crossover soon. In addition, ATECH is currently exhibiting a clear double bottom pattern, which is a strong indication of a potential trend reversal.

• We expect the rising momentum is set to steer the stock higher and test the next level of resistanceof RM2.87 (R1) and RM3.08 (R2) in the near term.

• On the downside, stop-loss is set at RM2.46, below the 24 Oct’s low.
  

Source: Rakuten Research - 1 Mar 2024

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