Rakuten Trade Research Reports

Technical View - LGMS Bhd

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Publish date: Mon, 15 Apr 2024, 11:18 AM
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LGMS Bhd (LGMS, 0249)

  • LGMS may trend higher after breaking out from its one-week bullish flag pattern with a long whitecandle last Friday. The increased trading volume also sent share price to a 7-month high to close above the 20-day EMA. Given the supportive technical reading in RSI and EMA, the uptrend may continue in the near term.
  • We expect the rising momentum to steer the stock higher and test the next level of resistance ofRM1.18 (R1), followed by RM1.28 (R2).
  • On the downside, stop-loss is set at RM0.99, below the 20-day EMAs.
  • Fundamentally, we believe the approval of the Cybersecurity Bill 2024 by the Dewan Negara on 3rdApril 2024 will positively impact cybersecurity expert like LGMS. This bill serves as a catalyst for growth and innovation in the information security industry, opening up various opportunities for LGMS to broaden its offerings, innovate, and play a significant role in bolstering national cybersecurity.

Source: Rakuten Research - 15 Apr 2024

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