AmInvest Research Reports

Stock on Radar - SENG FONG HOLDINGS (SENFONG)

AmInvest
Publish date: Thu, 03 Oct 2024, 10:06 AM
AmInvest
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SENG FONG HOLDINGS (SENFONG | 5308)

Last Price: RM1.21 | Technical Call: BUY

Technical chart: SENFONG

 

Support 1: RM1.20Resistance 1: RM1.33
Support 2: RM1.10Resistance 2: RM1.40
Shariah Compliant: YesSector: Industrial

Seng Fong broke out from its 1-week bullish pennant pattern two sessions ago, implying that its previous uptrend may have resumed. As the 20-day and 50-day EMAs have established their bullish crossover a week back, the current upward momentum may continue in the near term. A bullish bias may emerge above the RM1.20 level with stop-loss set at RM1.08, below the 50-day EMA. Towards the upside, near-term resistance level is seen at RM1.33, followed by RM1.40.

Entry: RM1.20-1.21

Target: RM1.33, RM1.40

Exit: RM1.08

Source: AmInvest Research - 3 Oct 2024

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