Protasco Berhad

• PROTASCO has broken out of its 1.5-week bullish flag pattern with a strong white candlestick. The 20-day EMA remains firmly above the 50-day EMA, indicating continuing upward momentum. With the stock trending away from the EMAs, we anticipate further upside ahead.

• Thus, we expect the rising momentum to steer the stock higher and test the next resistance at RM0.375 (R1) followed by RM0.40 (R2) in the near term.

• On the downside, stop-loss is set at RM0.31.

Source: Rakuten Research - 26 Dec 2024

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