Classic Scenic Bhd (CSCENIC, 7202)

• CSCENIC may trend higher after breaking out from its six-week bullish flag pattern two sessions ago.As the stock bounced off the 20 days EMA coupled with the positive cross of its 20-day EMA above the 50-day EMA, this bullish crossover has enhanced the near-term positive momentum.

• We expect the rising momentum is set to steer the stock higher and test the next level of resistanceof RM0.51 (R1) and RM0.53 (R2) in the near term.

• On the downside, stop-loss is set at RM0.43, below 21 Feb’s low.
  
  

Source: Rakuten Research - 29 Feb 2024

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