Fajarbaru Builder Group Bhd

• FAJAR is on the verge of a potential bullish breakout from its U-shaped recovery pattern, aiming to surpass the immediate resistance at RM0.545. As the stock formed a long white marubozu candlestick yesterday, coupled with the supportive technical indicators in the RSI and the improving EMAs further suggest a likelihood of a technical breakout.

• In the event if it breaks above the RM0.545 neckline, this will improve market interest and lift the stock towards the subsequent level of RM0.57 (R1), followed by RM0.62 (R2).

• On the downside, stop-loss is set at RM0.46, below 25 June low.
  

Source: Rakuten Research - 18 Jul 2024

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