Powerwell Holdings Berhad (PWRWELL, 0217)

• PWRWELL broke out of its rectangular pattern to move above its consolidation phase at RM0.43,signalling a resurgence of buying interest. The bullish convergence between the 20-day and 50-day EMAs, along with the formation of a white Marubozu candlestick further indicates a strengthening momentum. The strong RSI further supports the likelihood of an uptrend continuation.

• We expect the rising momentum to steer the stock higher and test the next resistance at RM0.49(R1) followed by RM0.57 (R2) in the near term.

• On the downside, stop-loss is set at RM0.36.

Source: Rakuten Research - 17 Dec 2024

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