Icon Offshore Bhd (ICON, 5255)

• ICON broke out from its downward channel with a strong candlestick yesterday. From a mid-termperspective, the stock is trending upwards following a healthy correction hence signalling a potential upside in the near term. This bullish outlook is reinforced by the stock closing above the 20-day EMA plus a spike-up in the RSI.

• We expect the rising momentum to steer the stock higher and test the next resistance at RM1.20 (R1)followed by RM1.40 (R2) in the near term.

• On the downside, stop-loss is set at RM0.89.
  

Source: Rakuten Research - 3 Oct 2024

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