Wong Engineering Corporation Bhd (WONG, 7050)

• Share price closed 1.12% higher at RM0.45 on Monday.

• Wong’s share price has rebounded off its low of RM0.325 as at 20th June. It managed to close above its MA20 line and is challenging its MA50 line now.

• Backed by upticks in its indicators and bullish MACD crossover happened on 23rd June, we believe its share price is expected to move higher.

• Resistance levels are identified at RM0.45 (R1) and RM0.47 (R2).

• On the flipside, support levels are pegged at RM0.405 (S1) and RM0.375 (S2).

Source: Rakuten Research - 5 Jul 2022