Rakuten Trade Research Reports

Technical View - SCGM Bhd (SCGM, 7247)

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Publish date: Mon, 30 Sep 2019, 02:14 PM
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SCGM Bhd (7247)

SCGM rose 2 sen or 1.7% to RM1.18 last Friday.

• Since our technical report on 13 Sept 2019, share price has advanced 33.3%, taking out major resistance levels and remain above all key moving averages.

• With the bullish signals and increasing trading volume, we expect buying momentum to continue and the share price to climb higher, potentially moving to RM1.40 level.

• From here, resistance levels are expected at RM1.25 (R1) and to RM1.36 (R2).

• Conversely, downside support levels are found at RM1.07 (S1) and RM1.04 (S2).

Source: Rakuten Research - 30 Sept 2019

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