Solarvest Holdings Bhd (SLVEST, 0215)

• SLVEST may extend it upward trajectory after breaking out from its ten-week ascending trianglepattern to surpass the immediate resistance at RM1.58. In view of the stock hitting a 52 week high with a white marubozu candlestick yesterday, coupled with the supportive technical reading in RSI and improving EMAs, it may see additional strength in the coming sessions.

• We expect the rising momentum to steer the stock higher and test the next level of resistance ofRM1.70 (R1), followed by RM1.85 (R2).

• On the downside, stop-loss is set at RM1.35, below 29 Jan’s low.

• Fundamentally, Bandar Utama City Centre has enlisted Solarvest to install the largest solar powersystem in Malaysia at the 1 Utama Shopping Centre. This initiative covers 273,300sqft and will generate over 5,700KW peak of renewable energy. Additionally, Solarvest's tender book in Malaysia has surged from 1.6GW to 2.8GW, signalling a significant milestone in the company's growth trajectory.
  
  

Source: Rakuten Research - 16 Apr 2024

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