SCGM Bhd (7247)

• SCGM rose 4.4% or 6 sen to RM1.43 yesterday.

• SCGM reached its 52-week high yesterday at RM1.45 level and closed with a positive white candle, suggesting continued buying interest. Chartwise, the bullish channel trendline remains intact as we expect it to cross RM1.50 and head towards the RM1.70 level.

• As such, resistance levels are expected at RM1.50 (R1) and RM1.70 (R2).

• Likewise, support levels can be identified at RM1.31 (S1) and RM1.29 (S2).

Source: Rakuten Research - 22 Nov 2019