AME Elite Consortium Bhd (AME, 5293)

• We believe buying interests for AME Elite is back following a breakout from its 7-week rectangularconsolidation pattern two sessions ago. In view of both the 20-day and 50-day EMAs pointing upwards and a bullish crossover likely on the horizon, the stock’s momentum is building up. This is further reinforced by the stock’s currently trading above the EMAs, which enhances the potential for upside in the near term.

• We expect the rising momentum to steer the stock higher and test the next resistance of RM1.79 (R1)followed by RM1.93 (R2) in the near term.

• On the downside, stop-loss is set at RM1.49
  

Source: Rakuten Research - 24 Sep 2024

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