Supercomnet Technologies Bhd (0001)

• SCOMNET gained 2.5 sen or 2.7% to close at RM0.955 yesterday.
• Since our technical report on 18 April 2019, share price has risen 14.4% to current level. Share price has hit its all-time high and is currently trading above its upward sloping key moving averages, signalling a bullish breakout.
• Furthermore, we expect the share price to trend higher following the positive news that its client, Edwards Lifesciences Ltd which is a global medical technology company is setting up a regional business hub in Malaysia.
• From here, resistance levels are expected at RM0.960 (R1) and RM0.970 (R2).
• Likewise, support levels are found at RM0.845 (S1) and RM0.830 (S2).

Source: Rakuten Research - 26 Apr 2019