Cypark Resources Bhd (CYPARK, 5184)

• CYPARK may trend higher after breaking out from a two-month downward channel pattern with along white candle yesterday. With the stock bouncing off the 20 days EMAs couple with a potential convergence between the 20-day and 50-day EMAs and likely to confirm a bullish crossover soon hence the positive momentum may be prevalent now.

• We expect the rising momentum to steer the stock higher and test the next resistance level ofRM0.99 (R1), followed by RM1.10 (R2).

• On the downside, stop-loss is set at RM0.84.
  

Source: Rakuten Research - 11 Jun 2024

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