Ajiya Bhd (AJIYA, 7609)

• AJIYA is poised for a potential bullish breakout from its four-month ascending triangle pattern,targeting to surpass the immediate resistance at RM1.59. In view of the stock gapped up coupled with a white marubozu candlestick formed yesterday, a positive outlook can be expected here.

• In the event it breaks above the RM1.59 neckline, this will improve market sentiment and should liftthe stock towards the subsequent level of RM1.67 (R1), followed by RM1.75 (R2).

• On the downside, stop-loss is set at RM1.50, below the 50 days EMA.

Source: Rakuten Research - 15 Dec 2023

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