SCGM is set to rebound northwards after buying pressure was observed as it opened with a positive gap and broke above the MYR2.34 mark, coupled with improved volume. If the momentum sustains, the stock may trend higher towards MYR2.43, then the MYR2.50 threshold. Conversely, the momentum may reverse if it drops below the MYR2.27 support – drawing a “lower low” bearish pattern beneath the 21-day average line.
Source: RHB Securities Research - 24 May 2022
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