• ZECON closed flat at RM0.63 yesterday.
• Share price has been trading above the upward sloping 50-day SMA, anchoring at strong support level. Key indicators are showing increasing buying momentum buoyed by news on the proposed stimulus package to be announced soon. Since there have been renewed interest within the construction sector, share price may see a bullish breakout above the RM0.70 level.
• From here, resistance levels are expected at RM0.685 (R1) and further to RM0.700 (R2).
• Conversely, downside support levels are expected at RM0.580 (S1) and RM0.510 (S2).
Source: Rakuten Research - 14 Feb 2020
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Created by rakutentrade | Aug 23, 2024