Engtex Group Bhd

• ENGTEX may extend its upward trajectory after breaking out from its ten-week rectangular pattern three sessions ago. Despite a pullback following the recent rally to a new 52-week high, we see this correction as healthy to sustain the uptrend. As the stock is still trading above all EMAs, it indicates a consolidation mode with a positive bias.

• We anticipate the rising momentum will persist, positioning the stock to test the next resistance of RM1.33 (R1) followed by RM1.45 (R2) in the near term.

• On the downside, stop-loss is set at RM1.08 below the 50 days EMA.
  

Source: Rakuten Research - 6 Aug 2024

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