Yesterday, the share price punched through its swing high of RM1.80 indicating a breakout.
Technical picture is positive with increasingly positive signs from key momentum indicators and key SMAs.
Expect follow-through buying towards RM1.97 (R1) and subsequently RM2.06 (R2), should the first resistance be taken out.
Any downside bias should see support levels at RM1.79 (S1) and RM1.68 (S2).
AEONCR (Not Rated)
AEONCR gained 26.0 sen (+1.77%) to close at RM14.94.
Recent share price movement for the past three months suggests a potential formation of an ascending triangle pattern.
We expect a breakout for AEONCR to be likely given the recent MACD bullish crossover and the positive state key SMAs are in. Investors may keep a close watch on AEONCR and time their entry upon breakout.
Fibonacci projects resistances at RM15.20 (R1) and RM15.96 (R2).
Conversely, support levels can be found at RM14.44 (S1) with RM13.98 (S2) further down.
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