Elsoft Research Bhd (ELSOFT, 0090)

• Share price closed 10.53% higher at RM1.05 on Monday.

• ELSOFT had broken out of its downtrend with high volume and traded above the MA 20 from its recent price correction. It has formed a Green Marubozu candle yesterday, signalling strong buying interests.

• Share price also closed above all its key moving averages. Backed by upticks in its indicators, the share price is poised to move higher.

• Resistance levels are identified at RM1.10 (R1) and RM1.17 (R2).

• On the flipside, support levels are pegged at RM1.03 (S1) and RM0.95 (S2).

Source: Rakuten Research - 23 Nov 2021