Skyworld Development Bhd

• SKYWLD may extend its upward trajectory after breaking out from the pennant pattern yesterday. Given the supportive technical reading in RSI along with improving EMAs, coupled with the positive cross of its 20-day EMA above the 50-day EMA few sessions ago, this bullish crossover has enhanced the upward momentum.

• We expect the rising momentum to steer the stock to trend higher and test the next level of resistance of RM0.675 (R1), followed by RM0.74 (R2).

• On the downside, stop-loss is set at RM0.57, below the 50-day EMA.
  

Source: Rakuten Research - 9 Apr 2024

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