Date: September 26, 2024
Broker Name: CGS International Securities
Company Overview
Solarvest Holdings Berhad operates as a holding company with subsidiaries that provide services such as engineering, procurement, construction, commissioning, management, and operation and maintenance for solar projects. The company serves clients primarily in Malaysia, offering solutions aimed at renewable energy and sustainability.
Technical Analysis Summary
As of September 25, 2024, Solarvest Holdings saw a breakout from a recent downtrend, with prices rising and closing above the Exponential Moving Averages (EMAs). This positive price action came in the form of a white candle, indicating strong upward momentum. The short-term trend has turned more upbeat, driven by a series of higher lows from the RM 1.44 level.
Key Technical Indicators
- Moving Average Convergence Divergence (MACD): The MACD indicator has hooked up again, signaling that the bulls may still be in control.
- Relative Strength Index (RSI): The RSI also turned higher, suggesting continued strength and momentum in the stock’s price.
Support and Resistance Levels
- Entry Price Range: RM 1.56 – 1.59
- Support Levels:
- Support 1: RM 1.44
- Support 2: RM 1.34
- Resistance Levels:
- Resistance 1: RM 1.70
- Resistance 2: RM 1.75
Trading Strategy and Recommendations
Aggressive traders are advised to consider going long on the stock at the current price level or upon any weakness. A stop-loss should be placed at RM 1.43 to minimize risk. On the upside, the stock is expected to test its historical resistance levels at RM 1.70 and RM 1.75, offering potential profit opportunities.
Conclusion
With a clear breakout from the downtrend and the support of bullish technical indicators like the MACD and RSI, Solarvest Holdings appears to be in an optimistic upward momentum phase. Traders should watch for further gains as the stock approaches its resistance levels.
This information is based on the technical analysis provided by CGS International in their Trendspotter report dated September 26, 2024.
