SP Setia Bhd (SPSETIA, 8664)

• We expect further upside for SPSETIA following its breakout from a 1.5-month ascending trianglepattern. In view of the long white candlesticks coupled with the upward trends of both the 20-day EMA and RSI indicators, these suggest that the stock may be resuming its previous uptrend. A bullish crossover appears imminent and is likely to occur soon.

• We expect the rising momentum to steer the stock higher and test the next resistance at RM1.47 (R1)followed by RM1.68 (R2) in the near term.

• On the downside, stop-loss is set at RM1.10.

Source: Rakuten Research - 18 Oct 2024

To sign up for an account: http://bit.ly/40BNqKI

[Youtube Tutorial] Account Opening & Enable Foreign Equity: http://bit.ly/3I5Jzxo