Crescendo Corporation Bhd (CRESNDO, 6718)

• We believe CRESNDO may trend higher following the anticipated breakout of its 1-month pennantpattern. The supportive EMAs suggest positive momentum is gaining strength. In view of YTD performance, long-term uptrend remains intact with no bearish crossovers observed.

• We expect the rising momentum to steer the stock higher and test the next resistance of RM5.10 (R1)followed by RM5.30 (R2) in the near term.

• On the downside, stop-loss is set at RM4.00.
  

Source: Rakuten Research - 19 Sep 2024

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