Supercomnet Technologies Bhd (SCOMNET, 0001)

• Share price closed 6.5% lower at RM1.32 on Monday.

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

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

• Resistance levels are identified at RM1.40 (R1) and RM1.58 (R2).

• On the flipside, support levels are pegged at RM1.22 (S1) and RM1.11 (S2).

Source: Rakuten Research - 22 Mar 2022