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REASON: The stock is currently trading within a descending triangle pattern, a classic consolidation pattern often leading to a breakout. The price has been squeezing between lower highs and consistent support levels around RM0.98. A breakout from this triangle is anticipated, and the setup indicates a bullish move once the price surpasses the downtrend line, which aligns with a key resistance zone near RM1.00.
Moreover, this breakout point coincides with the release of the company’s next quarterly results on 12th December. Such events often act as catalysts for price movements, particularly if earnings exceed market expectations. We are keeping an eye on the potential breakout before or around this date, as volume could surge leading into the earnings announcement.
If the breakout occurs, the target prices are set between RM1.15 and RM1.51, representing significant upside potential. However, if the stock breaks down below RM0.98, we recommend managing risk with a stop loss at RM0.82.
