SCGM Bhd (SCGM, 7247)

• Share price closed 1.9% higher at RM2.12 on the previous trading day.

• SCGM has found its lowest point at RM1.97 and is having a V shaped rebound from its recent low. It has formed a “three-white-soldiers” candlestick which indicate heavy bargain hunting activities from its tweezer bottom at RM1.99 level.

• Backed by upticks in its indicators and MACD bullish crossover, SCGM is poised to move higher.

• Resistance levels are identified at RM2.27 (R1) and RM2.39 (R2).

• On the flipside, support levels are pegged at RM2.08 (S1) and RM1.99 (S2).

Source: Rakuten Research - 4 Feb 2022