Outsourcing business provider, SCICOM share price was up by 9.5sen (10.3%) on increasing trading volume. The group has recently garnered investors’ interest when they aim to penetrate the emerging markets to capitalise on. The group’s share price has recently broken above its 3-months downtrend resistance level to settle just below its 50-day SMA level. We believe the share price uptrend remained intact given that the MACD indicator has converged on its bullish divergence, while the strong showing of the RSI indicator still has a lot of room to expand upwards. Thus, we advocate investors to take this as a buying opportunity and expect the share price to retest its all-time high resistance level of RM1.84 (R2) moving forward.

 

 

Source: Kenanga