Chaya Mata Sarawak Bhd (CMSB, 2852)

• We anticipate further upside for CMSB after it broke out from the bullish flag pattern with a whitemarubozu candlestick yesterday. In view of the stock bouncing off the 20-day EMA coupled with its rising RSI indicator further supported by the recent bullish crossover, this indicate that the bullish momentum is building up.

• We foresee the rising momentum to steer the stock higher and targets the next resistance of RM1.50(R1) followed by RM1.60 (R2) in the near term.

• On the downside, stop-loss is set at RM1.20.
  

Source: Rakuten Research - 13 Sep 2024

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