Possible for sideways breakout. SCOMNET is potentially staging a breakout from its sideways channel, with anticipation of continuous improvement in both momentum and trend in the near term. Should immediate resistance level of RM1.35 be broken with renewed buying interest, it may continue to lift price higher to subsequent resistance level of RM1.42.
However, failure to hold on to support level of RM1.24 may indicate weakness in the share price and hence, a cut-loss signal.
Source: PublicInvest Research - 19 May 2022
Created by PublicInvest | Jun 29, 2022