SKB Shutters Corporation Bhd

• SKBSHUT may trend higher after breaking out from its two-week bullish rectangular pattern, surpassing the immediate resistance of RM1.05 with a long white candle yesterday. The increased trading volume also sent share price to a new 52-week high. Given the supportive technical readings in RSI and EMAs, the uptrend may continue in the near term.

• We expect the rising momentum to steer the stock higher and test the next level of resistance of RM1.20 (R1), followed by RM1.30 (R2).

• On the downside, stop-loss is set at RM0.94.
  

Source: Rakuten Research - 25 Jul 2024

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