KUALA LUMPUR (Jan 11): Rakuten Trade said buying interest for QL Resources Bhd may have returned after breaking out from the three-week rectangular pattern two sessions ago.

In a technical view note on Thursday, the research house said that in view of the three consecutive white candles coupled with the stocks pushing further away from all the EMAs (exponential moving averages), the upward momentum may be more prevalent now.

“We expect the rising momentum is set to steer the stock higher and test the next level of resistance of RM6.32 (R1) and RM6.50 (R2) in the near term.

“On the downside, stop-loss is set at RM5.65, below the Jan 2’s low,” it said.