Dagang NeXchange Bhd (DNEX, 4456)

• Share price closed 8% higher at RM1.21 on Wednesday.

• DNEX has rebounded after touching its MA 20 line indicating strong bargain hunting activities at the support level. There is a morning star formation from the last three trading days. It is also trading above all its key moving averages.

• Backed by upticks in its indicators and buying momentum, DNEX is poised to move higher.

• Resistance levels are identified at RM1.27 (R1) and RM1.33 (R2).

• On the flipside, support levels are pegged at RM1.13 (S1) and RM1.06 (S2).

Source: Rakuten Research - 24 Feb 2022