• Share price closed 10.3% higher at RM0.16 on Tuesday.
• BIOHLDG broke out from its consolidation phase yesterday with higher trading volume. We believe it has found its base at 13 sen which acts as a strong support level. Its share price has also managed to trade above its MA20 & MA50.
• Coupled with upticks in its indicators and bullish MACD indicator, its share price is expected to continue its upward movement.
• Resistance levels are identified at RM0.170 (R1) and RM0.200 (R2).
• On the flipside, support levels are pegged at RM0.150 (S1) and RM0.130 (S2).
Source: Rakuten Research - 25 May 2022
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