Rakuten Trade Research Reports
Technical View - SCGM Bhd (SCGM, 7247)
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Publish date: Wed, 25 Sep 2019, 11:52 AM
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All materials published here are prepared by Rakuten Trade. For latest offers on Rakuten Trade products and news, please refer to: https://www.rakutentrade.my/
To sign up for an account: http://bit.ly/40BNqKI
Rakuten Trade
Hotline: +603 2110 7110 (Account Opening, General enquiry)
Email: customerservice@rakutentrade.my
SCGM Bhd (7247)
• SCGM rose 12 sen or 12.2% to RM1.10 yesterday.
• Since our technical report dated 13th Sept 2019, share price has risen 24.3% breaking our previous resistance levels on the back of higher trading volume.
• Yesterday’s quarterly result saw it return to profitability after suffering two consecutive quarters of losses and the worst may be deemed over.
• The bullish long white candle saw bullish breakout on strong buying momentum coupled with positive technical indicator signals, share price is likely to challenge and test the RM1.30 level.
• From here, resistance levels are identified at RM1.16 (R1) and possibly further to RM1.30 (R2).
• On the contrary, support levels are found at RM0.96 (S1) and RM0.94 (S2).
Source: Rakuten Research - 25 Sept 2019
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