Guan Chong Berhad

• We believe buying interest for GCB is back after it broke-out from a 3-month consolidation rectangular pattern with two consecutive white candlesticks. The breakout is supported by the EMAs approaching a bullish crossover coupled with rising RSI, indicating further upside in the near term.

• We anticipate the stock to test the initial resistance at RM3.49 (R1), with RM3.77 (R2) as the next potential target, supported by continuing upward momentum.

• On the downside, stop-loss is set at RM2.78.

Source: Rakuten Research - 29 Nov 2024

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