SNS Network Technology Berhad (SNS, 0259)

• SNS broke through its RM0.615 resistance today with a strong white candlestick and high tradingvolume, signalling renewed buying interests after a five-month correction. A potential bullish convergence is on the horizon as the 20-day EMA approaches a crossover above the 50-day EMA.

• Thus, we expect the rising momentum to steer the stock higher and test the next resistance atRM0.77 (R1) followed by RM0.95 (R2) in the near term.

• On the downside, stop-loss is set at RM0.50.

Source: Rakuten Research - 27 Dec 2024

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