Rakuten Trade Research Reports

Technical View - Resintech Bhd

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Publish date: Wed, 27 Apr 2022, 09:57 AM
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Resintech Bhd (RESINTC, 7232)

• Share price closed 3.7% higher at RM1.12 on Tuesday.

• RESINTC is trading on a long-term uptrend with higher lows formed. There is also a formation of morning doji star from the last 3 trading days indicating that share price could be supported from current level with its higher lows formation.

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

• Resistance levels are identified at RM1.14 (R1) and RM1.22 (R2).

• On the flipside, support levels are pegged at RM1.04 (S1) and RM0.96 (S2).

Source: Rakuten Research - 27 Apr 2022

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