Able Global Berhad (ABLEGLOB,7167)

• ABLEGLOB’s share price has exhibited positive momentum over the past five days. The stock closed at MYR 2.02 and remains above both the 20-day EMA and the 50-day EMA, suggesting a potential shift to a short-term uptrend.

• The MACD line is potentially converging with the signal line, indicating that the bearish momentum is weakening, which would further support an upward trajectory in the stock’s price.

• We expect the rising momentum to steer the stock higher and test the next resistance of RM2.10 (R1) followed by RM2.20 (R2) in the near term.

• On the downside, stop-loss is set at RM1.75.

Source: Rakuten Research - 28 Aug 2024

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