• SCGM advanced 7.1% or 15 sen to RM2.25 yesterday.
• SCGM tested its support level at RM2.12 yesterday, ended with a positive candle forming a breakout from the downward trend line. Couple with hammer formation recently, we expect a potential reversal to take place possibly moving to higher level.
• Resistance levels are projected at RM2.38 (R1) and further to RM2.50 (R2).
• For downside support, support levels are at RM2.12 (S1) and next at RM2.06 (S2).
Source: Rakuten Research - 20 May 2021
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Created by rakutentrade | Nov 22, 2024