Syarikat Takaful Malaysia Berhad (TAKAFUL, 6139)

• TAKAFUL broke out from its key resistance of RM3.82 yesterday. In view of the stock bouncing offthe 20-day moving average, this indicates that the bullish momentum is building up. Given that the 20-day and 50-day EMAs have formed a bullish crossover since middle of August, this further suggests additional strength over the short term.

• We expect the rising momentum to steer the stock higher and test the next resistance of RM3.92 (R1)followed by RM4.00 (R2) in the near term.

• On the downside, stop-loss is set at RM3.70, below the 50-day EMA.
  

Source: Rakuten Research - 30 Aug 2024

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