Sports Toto Bhd (SPTOTO, 1562)

• SPTOTO may trend higher after breaking out from a three-month rectangular pattern with a longwhite marubozu candlestick last Friday. In view of the stock posting four consecutive white candles, coupled with its 20-day and 50-day EMAs converging, most likely confirming a bullish crossover in the near term, a positive outlook can be expected here.

• We opine the rising momentum has a decent chance to kick start a new upcycle and lift the stocktowards the subsequent level of resistance of RM1.55 (R1), followed by RM1.63(R2).

• On the downside, stop-loss is set at RM1.33.
  

Source: Rakuten Research - 20 May 2024

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