Binasat Communications Bhd (BINACOM, 0195)

• Share price was unchanged at RM0.28 on Friday.

• BINACOM rebounded from its support level of RM0.255 with improved buying volume. Mild profit taking was seen last Friday but it is still trading at its MA 20 and MA 50 lines which is crucial. Coupled with indicators showing uptick momentum, share price is expected to propel higher.

• Resistance levels are identified at RM0.28 (R1) and RM0.29 (R2).

• On the flipside, support levels are pegged at RM0.255 (S1) and RM0.25 (S2).

Source: Rakuten Research - 7 Feb 2023

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