Frontken Corporation Bhd (FRONTKN, 0128)

• FRONTKN is poised for a potential bullish breakout from its two-week rectangular pattern,targeting to surpass the immediate resistance at RM3.80. As the stock formed a long white marubozu candle and hit a new 52 week high yesterday, a positive outlook can be expected here. In addition, given the supportive technical reading in RSI along with improving EMAs, we see a possibility for a technical breakout.

• In the event it breaks above the RM3.80 neckline, this will improve buying interests and should liftthe stock towards the subsequent level of RM4.00 (R1), followed by RM4.20 (R2).

• On the downside, stop-loss is set at RM3.40, below 50 days EMA.
  
  

Source: Rakuten Research - 6 Mar 2024

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