Revenue Group Bhd (REVENUE, 0200)

• Share price closed 6.52% higher at RM1.47 on Thursday.

• REVENUE has just broken out from its double bottom formation yesterday with higher trading volume to form a Green Marubozu candlestick. The strong buying momentum in REVENUE could be supported by the announcement of digital banking license award next week.

• Coupled with uptick in its indicators and expected MACD bullish crossover, we anticipate the share price to continue its uptrend.

• Resistance levels are identified at RM1.51 (R1) and RM1.57 (R2).

• On the flipside, support levels are pegged at RM1.40 (S1) and RM1.32 (S2).

Source: Rakuten Research - 18 Mar 2022