Kelington Group Bhd (KGB, 0151)
- We believe KGB may sustain its bullish momentum and trend higher following a breakout from abullish flag pattern with a strong white candlestick yesterday. Both EMAs indicate a potential bullish convergence, as a sharp uptick in the 20-day EMA brings it closer to the 50-day EMA. Looking ahead, key support is positioned at RM3.30, reinforced by a rising RSI and increased trading volume, signalling a return of buying interest.
- We anticipate the stock to test the initial resistance at RM3.70 (R1), with RM3.90 (R2) as the nexttarget, supported by continued upward momentum.
- On the downside, stop-loss is set at RM2.90.
Source: Rakuten Research - 14 Nov 2024
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