Frontken Corporation Bhd (FRONTKN, 0128)

• We expect further upside in FRONTKN after it gapped up and broke out from its one-week bullishflag pattern last Friday. With the stock posting three white candles in a row, which coincides with its rising EMAs, indicating that the near-term bullish trend may persist.

• We expect the rising momentum is set to steer the stock higher and test the next level of resistanceof RM3.85 (R1) and RM4.10 (R2) in the near term.

• On the downside, stop-loss is set at RM3.19, below the 50-day EMAs.

Source: Rakuten Research - 22 Jan 2024

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