Kobay Technology Berhad (KOBAY, 6971)

• Share price closed 2.56% higher at RM2.80 on Friday.

• KOBAY share price has been in the consolidation mode over the past 7 months and hover around the MA 20 and MA 50 lines but traded below MA 200 line. There is possibility of upturn as it broke out from its resistance level of RM2.79 last Friday with buying interests over the past 3 trading days. Coupled with a bullish MACD and indicators showing uptick momentum, share price is expected to move higher.

• Resistance levels are identified at RM2.84 (R1) and RM2.95 (R2).

• On the flipside, support levels are pegged at RM2.64 (S1) and RM2.60 (S2).

Source: Rakuten Research - 16 Jan 2023