Rakuten Trade Research Reports

Technical View - Critical Holdings Bhd

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Publish date: Tue, 01 Oct 2024, 09:51 AM
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Critical Holdings Bhd (CHB, 0291)

  • We believe CHB may extend it upward trajectory after breaking out from a 2-week rectangularpattern a few sessions ago, surpassing the previous resistance of RM0.94 further supported by a bullish engulfing candlestick. The 20-day and 50-day EMAs converged yesterday, confirming a bullish crossover. This, along with the significantly higher trading volume, which indicates a potential shift in market sentiment toward the upside.
  • We expect the rising momentum to steer the stock higher and test the next resistance at RM1.05 (R1)followed by RM1.17 (R2) in the near term.
  • On the downside, stop-loss is set at RM0.87.

Source: Rakuten Research - 1 Oct 2024

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