Sector: Technology

Analysed on 19/12/21

Follow up on our previous analysis on ELSOFT, the share price had successfully broken the previous resistance at RM1.020, currently trading at RM1.030 with immediate support at RM1.020 and immediate resistance at RM1.060. There was an attempt to break the resistance at RM1.060 on Thursday however it was followed by some profit taking activities on Friday making the breakout attempt unsuccessful. Should ELSOFT breaks the resistance at RM1.060, it will challenge the next resistance at RM1.100.

Both EMA25 and EMA50 are sloping upwards, indicate that ELSOFT is still on an upward trend. We are in opinion that ELSOFT is one of the best performing counters in the market currently despite the weak sentiment spreading around Bursa market recently.  In view that ELSOFT has rebounded multiple times after being retraced to EMA25/EMA50, investor can take EMA25/EMA50 as reference for entry point.

Reason to Monitor: Potential Technical Breakout

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NOTT INVEST 

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