KUALA LUMPUR (April 16): Rakuten Trade said Solarvest Holdings Bhd may extend its upward trajectory after breaking out from its ten-week ascending triangle pattern to surpass the immediate resistance at RM1.58.

In a technical view note on Tuesday, the research house said that in view of the stock hitting a 52-week high with a white marubozu candlestick on Monday, coupled with the supportive technical reading in relative strength index and improving exponential moving averages (EMAs), it may see additional strength in the coming sessions.

“We expect the rising momentum to steer the stock higher and test the next level of resistance of RM1.70 (R1), followed by RM1.85 (R2).

“On the downside, stop-loss is set at RM1.35, below Jan 29’s low.

“Fundamentally, Bandar Utama City Centre has enlisted Solarvest to install the largest solar power system in Malaysia at the 1 Utama Shopping Centre.

“This initiative covers 273,300sqft and will generate over 5,700KW peak of renewable energy. Additionally, Solarvest's tender book in Malaysia has surged from 1.6GW to 2.8GW, signalling a significant milestone in the company's growth trajectory,” it said.