Syarikat Takaful Malaysia Keluarga Bhd (TAKAFUL, 6139)

• TAKAFUL broke through its RM3.95 resistance level yesterday with a bullish opening Marubozucandlestick, signalling potential further upside as it trades near its 52-week high. A bullish EMA crossover was formed in mid-August with both the EMAs now trending sharply upward, which indicates a resurgent of buying interest.

• We anticipate the rising momentum to steer the stock higher and test the next resistance at RM4.02(R1) followed by RM4.15 (R2) in the near term.

• On the downside, stop-loss is set at RM3.82.

Source: Rakuten Research - 30 Oct 2024

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