Steel Hawk Berhad (HAWK, 0320)

• HAWK posted a strong white candlestick following a Doji pattern and touched an all-time high ofRM0.51 yesterday. The stock is expected to trend higher after breaking out from its previous record high of RM0.50, supported by a solid base at RM0.40. The wider gap between the 20-day and 50- day EMAs, along with share price trading above the 20-day EMA further signals strong buying interest.

• We anticipate the stock to test the initial resistance at RM0.60 (R1), with RM0.70 (R2) as the nextpotential target, supported by continued upward momentum.

• On the downside, stop-loss is set at RM0.40.

Source: Rakuten Research - 6 Dec 2024

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