SKP Resources breached the RM1.19 resistance level in its latest session. With a rising RSI level, a bullish bias may be present above this point with a target price of RM1.30, followed by RM1.40. Meanwhile, it may turn sideways if it falls back below the RM1.19 mark in the near term. In this case, support is anticipated at RM1.11 whereby traders may exit on a breach to avoid the risk of a further correction.

Trading Call: Buy on favourable consolidation above RM1.19

Target: RM1.30, RM1.40 (time frame: 3-6 weeks)

Exit: RM1.11

Source: AmInvest Research - 17 Jan 2019