Parkson Holdings Bhd (PARKSON, 5657)

• PARKSON recently formed a double bottom pattern and surpassed the RM0.28 neckline a fewsessions ago, which is a strong indication of a trend reversal. With the stock posted 10 consecutive white candles and continues to pull away from all the EMAs, this further enhances the bullish momentum.

• We expect the rising momentum to steer the stock higher and test the next level of resistance ofRM0.325 (R1) and RM0.355 (R2) in the near term.

• On the downside, stop-loss is set at RM0.26, below the 20-day EMA.
  

Source: Rakuten Research - 30 May 2024

To sign up for an account: http://bit.ly/40BNqKI

[Youtube Tutorial] Account Opening & Enable Foreign Equity: http://bit.ly/3I5Jzxo