Samaiden Group Bhd (SAMAIDEN, 0223)

• SAMAIDEN has finally broken out from its 5-month downward channel, closing above the 50-day EMA with two consecutive white candlesticks. We expect a potential shift in trend following an impending bullish convergence in the near term, backed by a rising RSI.

• We anticipate the stock to test the initial resistance of RM1.30 (R1), with RM1.45 (R2) as the next target, supported by continuing upward momentum.

• On the downside, stop-loss is set at RM1.00.

Source: Rakuten Research - 15 Nov 2024

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