Supercomnet Technologies Bhd (SCOMNET, 0001)

• Share price closed 1.48% higher at RM1.37 on yesterday.

• SCOMNET has been in a consolidation mode after reaching its YTD peak of RM1.65 in February 2023,with support level found at RM1.33. Share price has seen multiple breakouts with strong accumulation momentum since the beginning of August and eventually settling at current level. Fundamentally, SCOMNET has obtained SC approval for a transfer to Bursa Main Market, signalling a promising future. Coupled with a bullish MACD crossover, share price is expected to propel higher.

• Resistance level are identified at RM1.39 (R1) and RM1.41 (R2).

• On the flipside, support levels are pegged at RM1.33 (S1) and 1.31 (S2).

Source: Rakuten Research - 15 Aug 2023

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