MyNews Holdings Bhd (MYNEWS, 5275)

• We expect further upside for MYNEWS after it staged a rebound and surpassed the RM0.63resistance with a white Marubozu candlestick yesterday. In view of the stock gapped up and is pulling further away from the converging 20-day and 50-day EMAs, a bullish crossover is likely to occur in the coming sessions, thus strengthening the positive momentum.

• We anticipate this upward trajectory to steer the stock higher and test the next resistance atRM0.66 (R1) followed by RM0.70 (R2) in the near term.

• On the downside, stop-loss is set at RM0.585.
  

Source: Rakuten Research - 26 Sep 2024

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