Able Global Bhd

• Share price closed 2.21% higher at RM1.39 on Wednesday.

• ABLEGLOB has entered into a recovery phase after falling to its YTD low of RM1.26 in early May-23. Downside support is seen at RM1.35. Share price broke out from its resistance level of RM1.37 and is testing to break RM1.42 mark before settling at current level. Both MACD and RSI have shown consistent increase over the past month thereby keeping the near-term buying momentum intact. As such, share price is expected to continue with its upward trajectory.

• Resistance level are identified at RM1.42 (R1) and RM1.48 (R2).

• On the flipside, support levels are pegged at RM1.35 (S1) and 1.33 (S2).

Source: Rakuten Research - 17 Aug 2023

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