Betamek Bhd (BETA, 0263)

• BETA may trend higher after it gapped up to break out from its three-week ascending trianglepattern yesterday. The increase in trading volume has propelled the stock well above all its EMAs, reinforcing its bullish trajectory. With both the RSI indicator and the 20-day EMA pointing upwards, the stock's bullish momentum appears to be gaining strength.

• We expect the rising momentum to steer the stock higher and test the next level of resistance ofRM0.50 (R1), followed by RM0.55 (R2).

• On the downside, stop-loss is set at RM0.425.

Source: Rakuten Research - 23 Aug 2024

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