Tex Cycle Technology (M) Bhd (TEXCYCL, 0089)

• TEXCYCLE ended 5.3% or 2.5 sen higher to RM0.495 yesterday.

• Since hitting high of RM0.575 on 21 Jul, TEXCYCLE retraced and recent price action showed the emergence of buying interest as it rebounded from support of RM0.465 along with higher trading volume. Meanwhile, the uptick in RSI indicates positive signals and thus we expect the upward momentum to be extended.

• Resistance levels are expected at RM0.525 (R1) and next at RM0.550 (R2).

• Support levels are set at RM0.475 (S1) and RM0.465 (S2).

Source: Rakuten Research - 30 Jul 2021