99 Speed Mart Retail Holdings Berhad (99SMART, 5326)

• 99SMART posted a white candlestick in the previous session, forming an upward channel. The stockhas been recovering steadily since its recent correction and remains above both EMAs. We anticipate a steady upward movement, supported by the recent positive RSI reading.

• We anticipate the rising momentum to steer the stock higher and test the next resistance at RM2.54(R1) followed by RM2.75 (R2) in the near term.

• On the downside, stop-loss is set at RM2.15.

Source: Rakuten Research - 25 Nov 2024

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