Oriental Holdings Bhd

• ORIENT is poised for a potential bullish breakout from the U-shape pattern, targeting to surpass the neckline of RM7.11. In view of the improving trading volume and the share price pulling further away from all the EMAs with four consecutive white candles, we believe the stock has a decent opportunity to experience a breakout.

• In the event it breaks above the RM7.11 neckline, this will further improve buying interests and lift the stock towards the subsequent level of RM7.24 (R1), followed by RM7.37 (R2).

• On the downside, stop-loss is set at RM6.72.
  

Source: Rakuten Research - 20 Jun 2024

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