Velesto Energy Bhd (VELESTO, 5243)

• Share price closed unchanged at RM0.23 on Tuesday.

• VELESTO was hovering within RM0.215 to RM0.245 range with selling pressure seen for the past 1 month. Higher low support has formed at RM0.225. Coupled with indicators showing uptick momentum, share price is expected to propel higher.

• Resistance levels are identified at RM0.245 (R1) and RM0.255 (R2).

• On the flipside, support levels are pegged at RM0.225 (S1) and RM0.22 (S2).

Source: Rakuten Research - 26 Jul 2023

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