SFP Tech Holdings Bhd (SFPTECH, 0251)

• Share price closed unchanged at RM1.03 on Monday.

• SFPTECH has been on an upward trend since its debut on Ace Market of Bursa Malaysia. It broke outfrom its resistance threshold at RM1.04 before settling at current level yesterday, illustrating that buying momentum is intact. Fundamentally, SFPTECH is proposing a transfer of listing to the Bursa Main Market, having fulfilled the profit track record requirements for the transfer attributed to its promising growth prospects. Coupled with a bullish MACD crossover, the share price is expected to propel higher.

• Resistance level are identified at RM1.04 (R1) and RM1.07 (R2).

• On the flipside, support levels are pegged at RM0.99 (S1) and RM0.98 (S2).

Source: Rakuten Research - 12 Sep 2023

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