Nextgreen Global Bhd

• NGGB recently formed a double bottom pattern thereafter broke above the neckline at RM0.96 with a long white candle last Thursday, signalling a strong potential for a trend reversal. In view of the positive cross of its 20-day EMA above the 50-day EMA, this bullish crossover has enhanced the nearterm positive momentum.

• We expect the positive momentum to steer the stock higher and test the next resistance level of RM1.08 (R1), followed by RM1.15 (R2) in near term.

• On the downside, stop-loss is set at RM0.89, below the 28 Dec’s low.
  

Source: Rakuten Research - 8 Apr 2024

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