Rakuten Trade Research Reports
Technical View - SCGM Bhd (SCGM, 7247)
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Publish date: Mon, 12 Jul 2021, 03:51 PM
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Rakuten Trade
Hotline: +603 2110 7110 (Account Opening, General enquiry)
Email: customerservice@rakutentrade.my
• SCGM finished 3.4% or 8 sen higher to RM2.43 last Friday.
• SCGM bounced off from the lower line of uptrend channel with a positive candlestick closing last Friday implying strong buying support. As share price is trading within its upward trending channel, this suggests that the upward trajectory remains intact. Backed by upticks in key indicator, we expect the buying momentum to continue.
• As such, resistance levels are anticipated at RM2.61 (R1) and RM2.66 (R2).
• On the contrary, support levels are seen at RM2.33 (S1) and RM2.21 (S2).
Source: Rakuten Research - 12 Jul 2021
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