Inari Amertron Bhd (INARI, 0166)

• Share price closed 2.9% lower at RM3.03 on Friday.

• INARI has broken out from its mid-term downtrend line indicating strong rebound from previous price weaknesses. It started trading above its MA20 level from the last 2 trading days.

• Coupled with bullish MACD indicator and surge in Apple Inc., we anticipate the share price to continue its rebounding trend.

• Resistance levels are identified at RM3.23 (R1) and RM3.54 (R2).

• On the flipside, support levels are pegged at RM2.96 (S1) and RM2.85 (S2).

Source: Rakuten Research - 21 Mar 2022