Ancom Bhd (ANCOM, 4758)

• Share price closed 0.6% higher at RM3.29 on Wednesday.

• ANCOM has formed a hammer candlestick yesterday. There is strong bargain hunting activity when its share price was being thrown lower and later buyers push the share price higher at closing. It also closed above all its key moving averages which are sloping upwards.

• Backed by its long-term uptrend movement, ANCOM is poised to move higher with its bullish candlestick.

• Resistance levels are identified at RM3.42 (R1) and RM3.50 (R2).

• On the flipside, support levels are pegged at RM3.29 (S1) and RM3.01 (S2).

Source: Rakuten Research - 20 Jan 2022