Panda Eco System Bhd

• We expect further upside for PANDA after its breakout from a bullish pennant pattern, supported by a strong white Marubozu candlestick yesterday. Additionally, the 20-day EMA is nearing a crossover with the 50-day EMA, indicating that PANDA is likely to continue with its upward trajectory.

• We expect the rising momentum to steer the stock higher and test the next resistance at RM0.36 (R1) followed by RM0.40 (R2) in the near term.

• On the downside, stop-loss is set at RM0.305.

Source: Rakuten Research - 4 Dec 2024

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