Cengild Medical Bhd (CENGILD, 0243)

• Share price closed 5.48% higher at RM0.385 on Tuesday.

• CENGILD is on a downtrend after reaching its YTD-high of RM0.515 on Jan-23. Share price reboundedmildly from its 52-week low of RM0.35 last month. It is currently poised to break out from its resistance level of RM0.385. Fundamentally, CENGILD has entered a JV to establish oncology centers in the Klang Valley, broadening its capability in providing complex oncology services. Coupled with the strong buying momentum yesterday, share price is expected to move higher.

• Resistance level are identified at RM0.385 (R1) and RM0.405 (R2).

• On the flipside, support levels are pegged at RM0.355 (S1) and RM0.35 (S2).

Source: Rakuten Research - 2 Aug 2023

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