Rakutan Trade said the stock may see additional strength, going forward.
PETALING JAYA: Rakuten Trade expects Solarvest Holdings Bhd
to extend its upward trajectory after breaking out from its 10-week ascending triangle pattern to surpass the immediate resistance at RM1.58.
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, Rakutan Trade said the stock may see additional strength, going forward.
“We expect the rising momentum to steer the stock higher and test the next level of resistance of RM1.70, followed by RM1.85,” said Rakutan Trade in a technical view note yesterday.
“On the downside, stop-loss is set at RM1.35, below Jan 29’s low,” it added.
Year-to-date, the stock has risen more than 10%.
Marubozu is a type of candlestick charting formation that indicates a security’s price did not trade beyond the range of the opening and closing price.
On Monday, it was announced that Bandar Utama City Centre Sdn Bhd had appointed Solarvest’s subsidiary, Solarvest Energy Sdn Bhd, to install the country’s largest on-site solar photovoltaic (PV) panels and building-integrated PV panels at the 1 Utama Shopping Centre.
The solar power system will cover 273,300 sq ft of the mall’s rooftop and car park, generating more than 5,700KW peak of renewable energy to power the mall, according to a joint statement.
Solarvest will oversee the engineering, procurement, construction and commission works for the installation of the system and has conducted site studies to determine the most cost-effective capacity to meet the mall’s energy needs.
Solarvest executive director and group chief executive officer Davis Chong Chun Shiong said there is growing interest in clean energy adoption, especially among commercial and industrial players.
“Our expanded tender book in Malaysia from 1.6 gigawatts (GW) last year to 2.8GW this year underscores the acceleration of clean energy adoption,” he said.
Meanwhile, 1 Utama’s public relations and sustainability senior manager Lee Li Lian said the installation of the solar power system is a step forward for the mall to achieve its environmental, social and governance and zero-energy building goals.
“With solar energy being a reliable and responsible source of electricity, we look forward to implementing more projects in the future to reduce energy consumption and optimise resources,” she said.
