Edelteq Holdings Bhd

• Share price closed 5.49% higher at RM0.48 on Tuesday.

• EDELTEQ has been on a downward sloping trend since its strong debut on the ACE Market of Bursa Malaysia when it opened at RM0.75 (+212.5% vs IPO price of RM0.24). However, it rebounded from its YTD low of RM0.405 and broke above its resistance threshold of RM0.46 with decent buying momentum before settling at current level. Coupled with bullish MACD crossover, the share price is expected to move higher.

• Resistance level are identified at RM0.515 (R1) and RM0.555 (R2).

• On the flipside, support levels is pegged at RM0.43 (S1).

Source: Rakuten Research - 6 Sept 2023

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