Supercomnet Technologies Berhad (SCOMNET, 0001)

• Share price closed 2.55% higher at RM1.61 on Thursday.

• SCOMNET has been hovering near its support level at RM1.55 over the past 2 months. Improved buying volume was seen for the last 3 trading days and pushed the price to closed above MA 20 line yesterday. Coupled with indicators showing uptick momentum, share price is expected to propel higher.

• Resistance levels are identified at RM1.63 (R1) and RM1.67 (R2).

• On the flipside, support levels are pegged at RM1.55 (S1) and RM1.49 (S2).

Source: Rakuten Research - 3 Feb 2023

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