Supercomnet Technologies Bhd (SCOMNET, 0001)

• SCOMNET ended 2.5% or 4 sen higher to RM1.63 yesterday.

• Yesterday’s price action resembles a potential reversal – Bullish Harami candlestick following a pull back from the high of RM2.16 since Feb 2021. Meanwhile, key indicator RSI has bounced off from near oversold level, implying selling could be overdone thus may see potential rebound from current level.

• Form here, resistance levels are projected at RM1.75 (R1) and RM1.95 (R2).

• Conversely, first support level is set at recent low of RM1.58 (S1) and RM1.50 (S2) thereafter.

Source: Rakuten Research - 24 Mar 2021