SMRT Holdings Bhd (SMRT, 0117)

• SMRT broke out from a bullish pennant pattern with a strong white candlestick yesterday, indicating potential continuation of the previous uptrend. In view of the recent golden cross and further supported by the upward-trending RSI, the bullish trend appears to be strengthening.

• We anticipate the upward trajectory to steer the stock higher and test the next resistance at RM1.23 (R1) followed by RM1.40 (R2) in the near term.

• On the downside, stop-loss is set at RM1.01.

Source: Rakuten Research - 7 Nov 2024

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