NESTCON

Sector: Construction

Analysed on 16/01/2022

After multiple attempts and failed to close above RM0.47, NESTCON retraced and consolidated between RM0.365 and RM0.39 during Dec 2021. NESTCON is traded at RM 0.45 on last Friday with immediate resistance and support at RM0.47 and RM0.44 respectively. EMA 25 has crossed EMA 50 recently and trends upward which provides an indication that NESTCON is on uptrend. Short term investors shall exercise caution if the immediate support is broken. NESTCON may potentially create new high once it manages to break its immediate resistance at RM 0.47.

Reason to monitor: Potential resistance breakout

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