Ancom Nylex Berhad

• Share price closed 3.6% higher at RM1.15 on Tuesday.

• ANCOMNY retraced after it hit a high of RM1.26 due to continuous disposal by the substantial shareholders. However some buying interests were seen over the past 2 months as recent selling pressure might be overdone with support formed at RM1.06. With indicators showing uptick momentum, share price is expected to move higher.

• Resistance levels are identified at RM1.14 (R1) and RM1.20 (R2).

• On the flipside, support levels are pegged at RM1.06 (S1) and RM1.03 (S2).

Source: Rakuten Research - 22 Mar 2023

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