DNEX

Sector: Technology / Oil & Gas

DNEX’s recent transformative deals in Silterra (right timing due to acute global shortage of semiconductor chips), PING Petroleum (strong cash inflow and riding on the high crude oil prices vs USD20/barrel of avg production cost), and strategic collaboration with TelkomInfra (Google & Facebook’s investment in Indonesia can create a big market for submarine cable business) are poised to drive the group’s future earnings to greater heights.

However, after reaching a high of RM0.94 recently, its share price has formed lower highs amid the relatively weaker Bursa sentiment. Its share price has also crossed below its EMA25/50.

DNEX is currently trading at RM0.68, immediate resistance at RM0.90 region, with immediate support at RM0.66. Let us see if DNEX can be supported at its RM0.66 support region and stage a rebound. Should DNEX break its support level, it will need to find a new support level. 

Reason to Monitor: Business prospects, share price has retreat to support level

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NOTT INVEST 

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