S P Setia surged and tested the RM0.965 resistance level. With its higher high candle stick pattern, coupled with higher trading volume, we see a possibility for a technical breakout. If this happens, we expect it to move towards short-term target prices of RM1.03 and RM1.12. The downside support is projected at RM0.90. Traders are advised to exit on a breach to avoid further losses.

Trading Call: Buy near RM0.965

Target: RM1.03, RM1.12 (time frame: 2-4 weeks)

Exit: RM0.90

Source: AmInvest Research - 15 Dec 2020