Prolintas Infra Business Trust (PLINTAS, 5320)

• PLINTAS broke out of its bullish flag pattern one session ago, supported by two white Marubozucandlesticks. The stock is poised to break above its resistance at RM0.99, or an all-time high since its listing. We believe it will sustain its upward momentum, bolstered by a rising RSI and bullish EMAs, with the 20-day EMA trending above the 50-day EMA.

• Thus, we expect the rising momentum to steer the stock higher and test the next resistance atRM1.05 (R1) followed by RM1.15 (R2) in the near term.

• On the downside, stop-loss is set at RM0.93.

Source: Rakuten Research - 23 Dec 2024

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