Yinson Holding Bhd (YINSON, 7293)

• YINSON has broken out of its 10-week downward channel with a strong white candlestick yesterday. In view of the 20-day EMA is still trending above the 50-day EMA coupled with the rising RSI, this reinforces our view that the uptrend resumes and suggest a potential continuation of the bullish momentum.

• We anticipate the rising momentum to steer the stock higher and test the next resistance at RM2.85 (R1) followed by RM3.00 (R2) in the near term.

• On the downside, stop-loss is set at RM2.61.

Source: Rakuten Research - 22 Oct 2024

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