Systech Bhd (SYSTECH, 0050)

• Share price closed 6.5% higher at RM0.245 on Wednesday.

• SYSTECH has broken out from the neckline of a double bottom formation at RM0.235 level with higher trading volume. Its share price also started trading above all its key moving averages yesterday.

• Provided it does not break below its support level of RM0.235, its share price is expected to move higher.

• Resistance levels are identified at RM0.260 (R1) and RM0.285 (R2).

• On the flipside, support levels are pegged at RM0.235 (S1) and RM0.210 (S2).

Source: Rakuten Research - 12 May 2022