SCGM Bhd (7247)

• SCGM rose 3.5 sen or 4.1% to RM0.885 yesterday.
• Share price seemed to have bottomed out in mid-August and has since recovered with improving trading volume. It has since broken through key resistance levels reversing the downtrend channel that has been consolidating for months. As such, this bullish breakout is likely to be the start of a new phase to challenge the RM1.00 level.
• From here, resistance levels are identified at RM0.96 (R1) and RM1.00 (R2).
• On the flip slide, support levels are expected at RM0.80 (S1) and RM0.76 (S2).

Source: Rakuten Research - 13 Sept 2019