QL Resources Bhd (QL, 7084)

• QL is positioned for a potential bullish breakout from its 8-week rectangular pattern, targeting tosurpass the immediate resistance of RM6.73. In view of the prevailing consolidation appears to be near its tail-end, couple with the rising EMAs, we believe the stock has a decent chance to stage a breakout.

• In the event it breaks above the RM6.73 neckline, this will enhance market interests and propel thestock towards the subsequent level of RM7.00 (R1), followed by RM7.20 (R2).

• On the downside, stop-loss is set at RM6.30, below the 5 August’s low.
  

Source: Rakuten Research - 10 Sep 2024

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