Nextgreen Global Bhd (7241)

• NGGB gained 8.1% or 3.5 sen to RM0.465 yesterday.
• Since our technical report dated 5 July 2019, share price has broken through major resistances levels gaining 13.4% on the back of higher trading volume. Technically speaking, we believe the buying momentum is expected to continue with the upticks of key momentum indicators and points to an early stage of breakout.
• From here, we expect next resistance at RM0.480 (R1) and further to RM0.520 (R2).
• Likewise, support levels are expected at RM0.380 (S1) and RM0.350 (S2).

Source: Rakuten Research - 19 Jul 2019