Rakuten Trade Research Reports

Technical View - SP Setia Bhd

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Publish date: Fri, 18 Oct 2024, 09:48 AM
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SP Setia Bhd (SPSETIA, 8664)

  • We expect further upside for SPSETIA following its breakout from a 1.5-month ascending trianglepattern. In view of the long white candlesticks coupled with the upward trends of both the 20-day EMA and RSI indicators, these suggest that the stock may be resuming its previous uptrend. A bullish crossover appears imminent and is likely to occur soon.
  • We expect the rising momentum to steer the stock higher and test the next resistance at RM1.47 (R1)followed by RM1.68 (R2) in the near term.
  • On the downside, stop-loss is set at RM1.10.

Source: Rakuten Research - 18 Oct 2024

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