S P Setia Berhad (SPSETIA, 8664)

• SPSETIA appears ready to break out of its consolidation phase after recently closing above theRM1.42 level, signalling potential near-term upside, supported by a sector-wide rally. The stock is trading comfortably above the 20-day EMA, reflecting a resurgence in buying interest.

• Thus, we expect the rising momentum to steer the stock higher and test the next resistance atRM1.60 (R1) followed by RM1.80 (R2) in the near term.

• On the downside, stop-loss is set at RM1.30.

Source: Rakuten Research - 10 Jan 2025

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