Elridge Energy Holdings Bhd (ELRDGE, 0318)

• ELRIDGE posted two consecutive bullish candlesticks and is approaching its 52-week high. Weexpect the stock to trend higher if it breaks above its all-time high of RM0.475, supported by strong RSI readings. The widening spread between the EMAs indicates a strengthening momentum and potential near-term gains.

• We expect further upside for the stock and test the next resistance at RM0.475 (R1) followed byRM0.505 (R2) in the near term.

• On the downside, stop-loss is set at RM0.395.

Source: Rakuten Research - 28 Oct 2024

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