Rakuten Trade Research Reports

Technical View - Bahvest Resources Bhd

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Publish date: Mon, 22 Apr 2024, 11:01 AM
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Bahvest Resources Bhd

  • Share price has surged 19% since our last technical buy call on 25 March 2024.
  • BAHVEST may trend higher after breaking out from its one-week bullish flag pattern last Friday. With the stock distancing itself from all EMAs with both RSI and 20-day EMA pointing upwards, further suggest ongoing bullish momentum is strengthening.
  • We expect the rising momentum to steer the stock higher and test the next resistance level of RM0.59 (R1), followed by RM0.63 (R2).
  • On the downside, stop-loss is set at RM0.485, below the 50-day EMA.
  • Fundamentally, BAHVEST stands to benefit from the recent surge in global gold price. In 1QFY24, BAHVEST produced over 150kg of gold but only sold 65.87kg. This indicates a surplus of gold inventory that could be sold at more lucrative prices amidst the current strong rally in gold prices. With escalating mining production and the continued upward trajectory of gold prices, BAHVEST is well-positioned to capitalize on these favorable market dynamics.

Source: Rakuten Research - 22 Apr 2024

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