Edelteq Holdings Bhd

• EDELTEQ may trend higher after breaking out from its rectangular pattern a few sessions ago. With the stock pulling further away from all the EMAs coupled with its RSI indicator pointing upwards, the bullish momentum appears to be picking up. In addition, as the 20-day and 50-day EMAs are converging and likely confirming a bullish crossover soon, the bullish momentum may be present now.

• We expect the rising momentum to steer the stock higher and test the next level of resistance of RM0.37 (R1), followed by RM0.40 (R2).

• On the downside, stop-loss is set at RM0.30, below the 20 days EMA.
  

Source: Rakuten Research - 12 Mar 2024

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