Kawan Renergy Berhad (KENERGY, 0307)

• KENERGY is poised to break out from its ascending triangle pattern after closing with a whitecandlestick. We believe the stock has initiated a rebound and showed a potential trend shift, following a spike-up a few sessions ago. In view of the EMAs, the 20-day EMA is nearing a crossover above the 50-day EMA, signalling a potential bullish convergence.

• Hence, we anticipate the stock to test the initial resistance at RM0.80 (R1), with RM1.05 (R2) as thenext potential target, supported by rising RSI.

• On the downside, stop-loss is set at 0.50.

Source: Rakuten Research - 11 Dec 2024

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