MMSV gained 8.0 sen (+5.44%) to close at RM1.55 yesterday, on the back of above-average trading volume.
Chart-wise, the share has been trading range-bound between RM1.28 and RM1.72 since mid-April. We note that MMSV tends to rally after finding support around the RM1.37 level.
Yesterday’s price represented a close above its 50-day SMA of RM1.48, which could signal more potential upside. We also observe healthy signals from key momentum indicators.
Should buying momentum continue, we foresee a range-play with RM1.64 (R1) and RM1.72 (R2) acting as resistances. Conversely, any downside bias should see buying interest at RM1.51 (S1) and further down at RM1.37 (S2), its lower range.
SCOMNET (Not Rated)
SCOMNET rose 2.0 sen (+2.84%) to close at RM0.725.
Trend line is bullish since mid-July with the share continuously leading key SMAs which currently in “Golden Crossover”.
Technical outlook appears leaning on the upside at this juncture underpinned by encouraging momentum indicators as evidenced by the “bullish MACD crossover with upticks in RSI and Stochastic.
The share is in the midst of testing the RM0.730 (R1) resistance. Should this level be taken out, further gains would then be expected towards RM0.840 (R2).
Immediate downside support level is identified at RM0.700 (S1) with further down support level found at and RM0.620 (S2).
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