Wasco Berhad (WASCO, 5142)

• WASCO formed a strong Marubozu candlestick after a Gravestone Doji yesterday, breaking aboveits resistance at RM0.72, indicating a potential upside in the near term. After a 4-month correction following its late-April rally, the recent rebound has turned the EMAs upward, with a bullish crossover likely on the horizon, supported by a strengthening RSI.

• Thus, we expect the rising momentum to steer the stock higher and test the next resistance atRM1.28 (R1) followed by RM1.38 (R2) in the near term.

• On the downside, stop-loss is set at RM1.00.

Source: Rakuten Research - 7 Jan 2025

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