Bahvest Resources Bhd

• BAHVEST may trend higher after breaking out from a 6-week downward channel pattern with a long white candle last Thursday. The stock bounced off the 50-day EMA with a second consecutive white candle last Friday, coupled with its RSI indicator pointing upwards, indicating that bullish momentum appears to be picking up.

• We expect the rising momentum is set to steer the stock to trend higher and test the next level of resistance of RM0.50 (R1), followed by RM0.53 (R2).

• On the downside, stop-loss is set at RM0.41, below the 20 March’s low.
  

Source: Rakuten Research - 25 Mar 2024

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