SCGM Bhd (SCGM, 7247)

• Share price closed 4.13% higher at RM2.27 on Monday.

• The long tail on top of the candlestick was formed with strong buying volume and staying above its MA 20 and MA 50 lines.

• Coupled with its uptick in RSI and MACD indicators, its share price is expected to move higher.

• Resistance levels are identified at RM2.27 (R1) and RM2.35 (R2).

• On the flipside, support levels are pegged at RM2.10 (S1) and RM2.07 (S2).

Source: Rakuten Research - 20 Apr 2022