Leon Fuat Bhd (LEONFB, 5232)

• Share price closed 1.1% higher at RM0.90 on Tuesday.

• LEONFB has been in an uptrend movement since 6 Dec 2021 and formed an uptrend channel. Recently, its MA20 crosses above its MA50 which gives a bullish signal. The share price continues to close above its MA20 and MA50.

• The share price is currently trading near the lower band of the uptrend channel which acts as its support. Backed by upticks in its indicators and uptrend movement, LEONFB is poised to continue the zig-zag movement within the uptrend channel and hence move higher.

• Resistance levels are identified at RM0.920 (R1) and RM0.995 (R2).

• On the flipside, support levels are pegged at RM0.870 (S1) and RM0.835 (S2).

Source: Rakuten Research - 26 Jan 2022