Poh Kong Holdings Bhd (POHKONG, 5080)

• POHKOING is poised for a potential bullish breakout from its 10-week rectangular pattern, targetingto surpass the immediate resistance at RM1.24. In view of the consolidation within the pattern is likely at its tail-end following last Friday’s rebound, coupled with the 20-day EMA is starting to turn upward, we opine the stock has a decent chance to stage a breakout.

• In the event it breaks above the RM1.24 neckline, this will improve market interest and lift the stocktowards the subsequent level of RM1.29 (R1), followed by RM1.40 (R2).

• On the downside, stop-loss is set at RM1.10, below 27 June’s low.
  

Source: Rakuten Research - 5 Aug 2024

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