Ann Joo Resources Bhd (ANNJOO, 6556)

• Share price closed 4.7% higher at RM1.11 on Thursday.

• Ann Joo rebounded from its low of RM0.98 on 23 June on the back of buying interest for the past few trading days. It is challenging its MA 20 line now and once crossed, could act as a breakout.

• Backed by upticks in its indicators and bullish MACD crossover, we believe its share price is expected to move higher.

• Resistance levels are identified at RM1.16 (R1) and RM1.32 (R2).

• On the flipside, support levels are pegged at RM0.98 (S1) and RM0.86 (S2).

Source: Rakuten Research - 1 Jul 2022