Supercomnet Technologies Berhad (SCOMNET, 0001)

• Share price closed 3.20% higher at RM1.62 on Wednesday.

• SCOMNET is on a medium term uptrend and is hovering above its MA 200 line. It seem to have found its support at RM1.56 after numerous days of profit taking in end December 2022. It is now challenging to stay above MA 20 and MA 50 lines. Coupled with a bullish MACD crossover and indicators showing uptick momentum, share price is expected to move higher.

• Resistance levels are identified at RM1.67 (R1) and RM1.69 (R2).

• On the flipside, support levels are pegged at RM1.56 (S1) and RM1.49 (S2).

Source: Rakuten Research - 12 Jan 2023