Seng Fong Holdings Bhd (SENFONG, 5308)

• SENFONG broke out from its 1-week pennant pattern with a strong white candlestick yesterday. The20-day EMA crossed above the 50-day EMA a week ago, indicating a resurgence of buying interests. We believe the stock could gain further strength if it surpasses the resistance at RM1.25, supported by the rising RSI.

• We expect the rising momentum to steer the stock higher and test the next resistance at RM1.35 (R1)followed by RM1.50 (R2) in the near term.

• On the downside, stop-loss is set at RM1.00.
  

Source: Rakuten Research - 2 Oct 2024

To sign up for an account: http://bit.ly/40BNqKI

[Youtube Tutorial] Account Opening & Enable Foreign Equity: http://bit.ly/3I5Jzxo