Ahmad Zaki Resources Bhd (AZRB, 7078)

• AZRB may trend higher after breaking out from its one-week bullish flag pattern yesterday. Theincreased trading volume also sent the share price to close above the 20-day EMA. Given the supportive technical readings in the RSI and EMAs, this likely suggests that its bullish momentum is picking up further.

• We expect the rising momentum is set to steer the stock higher and test the next level of resistanceof RM0.35 (R1) followed by RM0.38 (R2) in the near term.

• On the downside, stop-loss is set at RM0.28 below the 50 days EMA.

Source: Rakuten Research - 26 Jul 2024

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