SD Guthrie Bhd (SDG, 5285)

• SDG posted a strong candlestick following a bullish hammer and breakout from a 1-month flagpattern, signalling a resurgence of buying interest in the near term. Currently the stock is trading above both the EMAs, indicating the underlying positive momentum. Although it briefly dipped below the 50-day EMA, it regained strength at the close of the trading session.

• We expect further upside for the stock and test the next resistance at RM4.88 (R1) followed byRM5.00 (R2) in the near term.

• On the downside, stop-loss is set at RM4.56.

Source: Rakuten Research - 23 Oct 2024

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