Samchem Holdings retraced and touched the RM0.76 support level. With its 21-day moving average pointing upward, coupled with a higher high candle stick pattern, there is a good chance that it would experience a technical rebound and head towards the short-term target price of RM0.80, followed by RM0.835. The downside support is marked at RM0.69. Traders are advised to exit on a breach to avoid further losses.

Trading Call: Buy on pullback RM0.76

Target: RM0.80, RM0.835 (time frame: 2-4 weeks)

Exit: RM0.69

Source: AmInvest Research - 26 Aug 2021