Tasco Bhd (TASCO, 5140)

• TASCO may trend higher after it broke out from the pennant pattern with a long white candleyesterday. In view of the stock bouncing off the 20 days EMA, coupled with its RSI indicator pointing upwards, the bullish momentum appears to be gaining strength.

• We expect the rising momentum to steer the stock higher and test the next resistance level ofRM0.93 (R1), followed by RM1.00 (R2).

• On the downside, stop-loss is set at RM0.79.
  

Source: Rakuten Research - 28 May 2024

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