RGB International Bhd (RGB, 0037)

• Share closed 6.82% higher at RM0.235 on Thursday.

• RGB rebounded and broke out from its resistance level yesterday at RM0.23 supported by high buying volume. It has been trading above its MA 200 line and MA 50 lines with improved liquidity since September 2022. Coupled with bullish indicators, share price is expected to move higher.

• Resistance levels are identified at RM0.245 (R1) and RM0.25 (R2).

• On the flipside, support levels are pegged at RM0.21 (S1) and RM0.205 (S2).

Source: Rakuten Research - 17 Feb 2023

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