Cnergenz Bhd

• Share price closed 3.38% higher at RM0.765 last Friday.

• CNERGEN encountered a sell down during the end of June, hitting its YTD low of RM0.73. Share price there after experienced multiple breakouts with decent buying volume in the past week before settling at current level. Fundamentally, CNERGEN is proposing a transfer of listing to the Bursa Main Market, having fulfilled the necessary requirements for the transfer due to its promising growth prospects. Its MA20 line is due for a potential crossover, hence share price is expected to propel higher.

• Resistance level are identified at RM0.785 (R1) and RM0.82 (R2).

• On the flipside, support levels are pegged at RM0.73 (S1) and 0.71 (S2).

Source: Rakuten Research - 14 Aug 2023

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