Deleum Bhd (DELEUM, 5132)

• DELEUM is back on the radar after breaking out from its three-week bullish flag pattern with a longwhite candle two sessions ago. In view of the stock bouncing off the 20-day EMA with its third consecutive white candles, a positive outlook is expected in the near term. Additionally, both the 20- day EMA and RSI indicators are pointing upward, further enhancing the bullish momentum.

• We expect the rising momentum to steer the stock higher and test the next level of resistance ofRM1.51 (R1), followed by RM1.60 (R2).

• On the downside, stop-loss is set at RM1.27, below the 4 June’s low.

Source: Rakuten Research - 10 Jun 2024

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