HPP Holdings Bhd (HPPHB, 0228)

• HPPHB may trend higher after breaking out from the pennant pattern yesterday. As the stockbounced off the 20-day EMA with a long white marubozu candlestick, coupled with an uptick in the RSI, this suggests that its bullish momentum is picking up further.

• We opine the rising momentum has a decent chance to kick start a new upcycle and lift the stocktowards the subsequent resistance of RM0.44 (R1), followed by RM0.475 (R2).

• On the downside, stop-loss is set at RM0.365, below the 11 July’s low.

Source: Rakuten Research - 2 Aug 2024

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