• NCT closed 4.5% or 2.5 sen higher to RM0.585 yesterday.

• NCT rose above key 61.8% Fibonacci level with a positive candlestick closing yesterday. Buying momentum is gaining traction backed by higher trading volume recently. With such positive developments, we expect the buying momentum to persist, potentially breaking immediate resistance level of RM0.585.

• As such, next resistance levels are projected at RM0.615 (R1) and RM0.705 (R2).

• For downside, support levels are expected at RM0.54 (S1) and RM0.51 (S2).

Source: Rakuten Research - 13 Jul 2021