Haily Group Bhd

• HAILY may trend higher after breaking out from its seven-week bullish flag pattern two sessions ago. The increased trading volume also sent share price to close above the 20-day EMA.

• Given the supportive technical reading in RSI and EMAs, the uptrend may continue in the near term.

• We expect the rising momentum to steer the stock higher and test the next level of resistance of RM0.58 (R1), followed by RM0.62 (R2).

• On the downside, stop-loss is set at RM0.49, below the 50-day EMA.
  

Source: Rakuten Research - 29 May 2024

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