Guan Chong Berhad (GCB, 5102)

• Share price closed 6.6% higher at RM2.42 on Friday.

• GCB broke out from its resistance twice yesterday at RM2.27 and RM2.40 and formed a white marubozu candlestick. It also closed above its MA 20 and MA 50 lines. As the indicators are showing uptick momentum, share price is expected to move higher.

• Resistance levels are identified at RM2.56 (R1) and RM2.63 (R2).

• On the flipside, support levels are pegged at RM2.18 (S1) and RM2.15 (S2).

Source: Rakuten Research - 1 Aug 2022