Gas Malaysia Berhad (GASMSIA, 5209)

• GASMSIA may extend its upward trajectory after breaking out from its pennant pattern with a longwhite candle yesterday. In view of the stock hitting a new 52 week high and pulling further away from all EMAs, the uptrend may continue in the near term.

• We expect the rising momentum to steer the stock higher and test the next resistance of RM3.87 (R1)followed by RM4.10 (R2) in the near term.

• On the downside, stop-loss is set at RM3.56, below 50-day EMA.

Source: Rakuten Research - 29 Aug 2024

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