Hextar Industries Bhd (HEXIND, 0161)

• HEXIND is poised for a potential bullish breakout from its rectangular pattern targeting to surpassthe immediate resistance at RM0.44. In view of the strong positive candle yesterday, coupled with the convergence of the EMAs signalling a likely bullish crossover, the prevailing consolidation pattern is nearing its tail-end. This is further supported by the improving trading volume, which enhances the chance to stage a breakout.

• We anticipate the rising momentum to drive the stock higher and test the next resistance ofRM0.465 (R1) followed by RM0.505 (R2) in the near term.

• On the downside, stop-loss is set at RM0.35.
  

Source: Rakuten Research - 25 Sep 2024

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