Samchem Holdings surged and tested the RM0.94 resistance level. With its 21-day moving average indicator in an uptrend, coupled with a higher trading volume, we see a possibility for a technical breakout. If this happens, we expect it to move towards the short-term target prices of RM0.975 and RM1.00. The downside support is projected at RM0.88. Traders are advised to exit on a breach to avoid further losses.

Trading Call: Buy near RM0.94

Target: RM0.975, RM1.00 (time frame: 2-4 weeks)

Exit: RM0.88
 

Source: AmInvest Research - 14 Oct 2021