Careplus Group Bhd

• Share price closed 9.26% higher at RM0.295 on Thursday.

• CAREPLS entered into a consolidation phase after reaching its YTD peak of RM0.495 at the beginning of the year. It broke above its three resistance levels of RM0.27, RM0.28 and RM 0.285 within a day with a spike in buying momentum following the announcement of its diversification into the electric vehicle (EV) business amid challenges in the glove market. Coupled with a bullish MACD crossover, the share price is expected to move higher.

• Resistance level are identified at RM0.295 (R1) and RM0.315 (R2).

• On the flipside, support levels are pegged at RM0.25 (S1) and RM0.23 (S2).

Source: Rakuten Research - 8 Sept 2023

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