Ramssol Group Bhd (RAMSSOL, 0236)

• RAMSSOL is on the verge of a potential bullish breakout from its U-shaped recovery pattern, aimingto surpass the immediate resistance at RM0.595. With the stock reaching a new 52-week high, a positive outlook is anticipated. Additionally, supportive technical indicators in the RSI and improving EMAs suggest a likelihood of a technical breakout.

• In the event it breaks above the RM0.595 neckline, this will improve market sentiment and should liftthe stock towards the subsequent level of RM0.64 (R1), followed by RM0.68 (R2).

• On the downside, stop-loss is set at RM0.54, below 20 days EMA.
  

Source: Rakuten Research - 26 Jun 2024

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