SKP Resources retraced to the RM2.33 support level with its 21-day moving average indicator being in an uptrend. This indicates a possibility of a technical rebound. We expect it to move towards the short-term target prices of RM2.43 and RM2.49. The downside support is projected at RM2.21. Traders are advised to exit on a breach to avoid further losses.

Trading Call: Buy on pullback RM2.33

Target: RM2.43, RM2.49 (time frame: 2-4 weeks)

Exit: RM2.21

Source: AmInvest Research - 16 Apr 2021