DPS Resources Bhd (DPS, 7198)

• DPS may trend higher after breaking out from its 3-week consolidation phase within the rectangularpattern, surpassing the immediate resistance level of RM0.56. In view of the stock posting two consecutive white candlesticks, along with the convergence of the 20-day and 50-day EMAs, this points to a potential bullish crossover, thus enhances the near-term positive momentum.

• We expect the positive trajectory to steer the stock higher and test the next resistance at RM0.60(R1) followed by RM0.635 (R2) in the near term.

• On the downside, stop-loss is set at RM0.535.
  

Source: Rakuten Research - 8 Oct 2024

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

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