Supercomnet Technologies Bhd (SCOMNET, 0001)

• Share price closed 8.29% higher at RM1.96 on Thursday.

• SCOMNET broke out from the consolidation phase with substantial higher volume and formed a Green Marubozu candlestick. It is also trading above all its key moving averages which are trending upward.

• Backed by uptick in its indicators and bullish MACD crossover, the share price is poised to move higher.

• Resistance levels are identified at RM2.08 (R1) and RM2.17 (R2).

• On the flipside, support levels are pegged at RM1.81 (S1) and RM1.75 (S2).

Source: Rakuten Research - 26 Nov 2021