Technical Updates – ARB BERHAD (KLSE: 7181)

Despite Budget 2022 comes as a negative surprise, the government spending on cloud infrastructure and technology had provided additional buoyancy to the share price for cloud themed player. Moving forward, ARBB is poised to benefit from the Budget 2022, and we see more potential upside for the company alongside with strong buying interest near the support level, and higher low formation is spotted, which is a positive sign for the price movement.

S1 / S2: RM0.270, RM0.250

R1 / R2: RM0.285, RM0.295

Potential upside: 9.25%

Disclaimer: This post does not feature any buy or sell recommendation.