Rakuten Trade Research Reports

Technical View - Deleum Bhd

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Publish date: Mon, 10 Jun 2024, 11:10 AM
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Deleum Bhd (DELEUM, 5132)

  • DELEUM is back on the radar after breaking out from its three-week bullish flag pattern with a longwhite candle two sessions ago. In view of the stock bouncing off the 20-day EMA with its third consecutive white candles, a positive outlook is expected in the near term. Additionally, both the 20- day EMA and RSI indicators are pointing upward, further enhancing the bullish momentum.
  • We expect the rising momentum to steer the stock higher and test the next level of resistance ofRM1.51 (R1), followed by RM1.60 (R2).
  • On the downside, stop-loss is set at RM1.27, below the 4 June’s low.

Source: Rakuten Research - 10 Jun 2024

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