Techbond Group Bhd (TECHBND, 5289)

• TECHBND closed 4.7% or 2.5 sen higher to RM0.56 last Friday.

• The stock seems to have found its bottom at RM0.445 in July 2021 and since then supported by reemergence of trading volume. It has broken past key resistance level of RM0.53 and holding well above the resistance-turn-support level.

• Coupled with a bullish engulfing pattern last Friday there is higher likelihood for the stock to propel towards higher level.

• Resistance levels are anticipated at RM0.62 (R1) and RM0.66 (R2).

• On the contrary, support levels are identified at RM0.485 (S1) and RM0.45 (S2).

Source: Rakuten Research - 16 Aug 2021