• JAKS ended 4.0% or 2 sen higher to RM0.525 yesterday.

• The stock seems to have found its bottom after it rebounded from the low of RM0.46 and continued to climb higher with formation of “higher lows”. Meanwhile, the stock has also found its immediate strong support at RM0.50 level and is presently above short-term moving average line, implying the emergence of renewed buying interest.

• From here, resistance levels are expected at RM0.55 (R1) and next at RM0.60 (R2).

• Next supports levels are set at RM0.48 (S1) and RM0.46 (S2).

Source: Rakuten Research - 29 Jul 2021