P.I.E. Industrial Bhd (PIE, 7095)

• PIE posted two white candlesticks, breaking out from a 2-month rectangular pattern yesterday. TheEMAs suggest an impending bullish convergence, further supported by a rising RSI. Looking ahead, the stock shows potential to break through its nearest resistance at RM6.00 in the near term.

• We anticipate the stock to test the initial resistance at RM6.10 (R1), with RM7.10 (R2) as the nexttarget, supported by continued upward momentum.

• On the downside, stop-loss is set at RM4.93.

Source: Rakuten Research - 13 Nov 2024

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