SCGM rose 10.0 sen (+6.62%) to close at RM1.61 yesterday.
Chart-wise, the stock has experienced a decline early-February this year and found support at its 100-Day SMA before resuming its uptrend.
Yesterday bullish “Marubozu” candlestick broke through the 50-Day SMA, indicating strong buying interest. Given the uptick in key technical indicators and bullish MACD cross over, we expect the uptrend to persist.
Should the buying momentum persist, key resistance levels are seen at RM1.70 (R1) and RM1.80 (R2).
Conversely, key support levels can be seen at RM1.50 (S1) and RM1.40 (S2).
GDB (Not Rated)
GDB was up by 6.5 sen (+9.70%) to finish at RM0.735 yesterday.
Chart-wise, the stock has been trending upwards since last year September, backed by strong buying momentum.
Yesterday candlestick continues to close higher with the formation of a “Marubozu” candlestick, signifying strong buying interest. Given that all key SMAs appear to be healthy, we believe the buying momentum would persist.
From here on, resistance can be identified at RM0.785 (R1) and RM0.820 (R2).
Conversely, its support levels can be identified at RM0.700 (S1) and RM0.625 (S2).
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