SD Guthrie Bhd (SDG, 5285)

• We foresee further upside for SD Guthrie following the break-out from its crucial resistance atRM4.68 last Friday with a strong white Marubozu candle. The increased trading volume has pushed the share price near its all-time high to close above the converging EMAs, thereby strengthening the positive momentum in the near term.

• We expect the rising momentum to steer the stock higher and test the next resistance of RM4.77 (R1)followed by RM4.98 (R2) in the near term.

• On the downside, stop-loss is set at RM4.46.
  

Source: Rakuten Research - 23 Sep 2024

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