• KGB closed 7.7% or 8 sen higher to RM1. 12 yesterday.
• Chart wise, share price has been trading sideways since mid-May and recently it has formed a breakout from the consolidation phase, indicating the resume of buying interest. Coupled with the upticks in key momentum indicator RSI, we expect buying interest to continue and to chart towards the RM1.28 level.
• From here, resistance levels are expected at RM1.28 (R1) and RM1.40 (R2).
• On the contrary, support levels are seen at RM0.98 (S1) and RM0.91 (S2).
Source: Rakuten Research - 6 Aug 2020
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Created by rakutentrade | Nov 11, 2024