Revenue Group Bhd (REVENUE, 0200)

• REVENUE advanced 4.0% or 8 sen to RM2.09 yesterday.

• REVENUE staged a positive resistance breakout yesterday along with encouraging volume. Share price is forming higher lows since hitting a low of RM1.71 and climbed above key short-term moving average line recently implying a sustainable level of buying interest. As such, we expect the buying momentum to continue, potentially heading to RM2.20 level.

• Resistance levels are expected at RM2.22 (R1) and next at RM2.45 (R2).

• Conversely, support levels are pegged at RM1.89 (S1) and RM1.82 (S2).

Source: Rakuten Research - 15 Jul 2021