Report Date and Broker
Date: October 3, 2024
Broker: CGS International
Company Overview
Axis Real Estate Investment Trust (Axis REIT) operates as a real estate investment trust that owns and invests in industrial and commercial real estate. Its portfolio includes properties tenanted by logistics companies and manufacturers, and it offers built-to-lease facilities. Axis REIT primarily serves customers in Malaysia.
Technical Analysis and Stock Performance
As of October 3, 2024, Axis REIT’s stock price was RM1.84, following a breakout above the resistance from its downtrend channel in late September. Since then, the stock has formed a solid base above the previous resistance level, which is now acting as support. The stock has demonstrated a higher high and higher low structure, indicating a likely continuation of upward momentum.
The price is trading above all the Exponential Moving Averages (EMAs), further suggesting bullish sentiment in the near term.
Entry and Support Levels
- Entry Price: RM1.80 – RM1.84
- Support 1: RM1.77
- Support 2: RM1.74
- Stop Loss: RM1.76
Resistance and Target Levels
- Resistance 1: RM1.91
- Resistance 2: RM1.98
- Target Levels: RM1.98, RM2.02
Momentum Indicators
- Moving Average Convergence Divergence (MACD): Shows easing selling pressure, indicating potential for further upside.
- Relative Strength Index (RSI): The RSI has started to move upward again, suggesting that the bulls are regaining control of the stock’s movement.
Trading Strategy
Traders are advised to consider going long at current levels or on price weakness, with a stop-loss placed at RM1.76 (just below the last swing low). The stock is expected to reach new highs, with a target of RM1.98, and potentially RM2.02.
Conclusion
Axis REIT’s breakout from its downtrend, coupled with strong technical indicators, points to continued bullish momentum and potential price gains in the near future.
