RGB International Bhd (RGB, 0037)

• RGB may trend higher after breaking out from its three-week bullish flag pattern a few sessions ago.In view of the stock hitting a new 52 week high with its fifth consecutive white candles, the bullish momentum appears to be picking up.

• We expect the rising momentum to steer the stock higher and test the next level of resistance ofRM0.46 (R1), followed by RM0.50 (R2).

• On the downside, stop-loss is set at RM0.37.
  

Source: Rakuten Research - 23 May 2024

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