SKP Resources retreated from the immediate resistance level of RM1.53 and bounced off the support level. Since the RSI is above 50%, a bullish momentum may arise should it break past the resistance level in coming sessions. If this happens, the shortterm target prices will be RM1.61 and RM1.69. In this case, the immediate support is anticipated at RM1.45, whereby traders may exit on a breach to avoid the risk of a further correction.

Trading Call: Buy upon breakout above RM1.53

Target: RM1.61, RM1.69 (time frame: 3-6 weeks)

Exit: RM1.45

Source: AmInvest Research - 30 Jan 2020