YBS International Bhd.

• Share price has been rising steadily since our last technical buy call on 27 Nov 2023.

• YBS hit a new 52 week high to push out from its 3-month ascending triangle pattern with a long white candle yesterday, indicating that a bullish continuation sign may have occurred. In view of its 20- day EMA starting to turn up, coupled with a white marubozu candlestick formed yesterday, it suggests that the bullish momentum is gathering strength.

• We opine the rising momentum has a decent chance to kick start a new upcycle and lift the stock towards the subsequent level of resistance of RM0.80 (R1), followed by RM0.85 (R2).

• On the downside, stop-loss is set at RM0.68, below the 20-days EMAs.

Source: Rakuten Research - 10 Jan 2024

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