Yesterday, SCICOM’s share price rose 5.0 sen to close above all of the SMAs (20, 50, 100 days) at RM2.18. Chart-wise, share price has broken out from its “descending triangle” pattern’s strong resistance level of RM2.14 (S1). In tandem with the stronger trading volume, the stock has just crossed over its MACD positive Signal line, while RSI is improving, signaling that buying interest is picking up. Should buying interest persist, we believe the share price could rally towards its immediate resistance level of RM2.23 (R1) with immediate support marked at RM2.14 (S1).

Source: Kenanga Research - 12 Jun 2015