We believe the buying interest for SKP Resources is back after it pushed out from the 2-week bullish falling wedge pattern with a white candle on Friday. Coupled with the positive cross of its 20-day EMA above the 50-day EMA a few candles back, the bullish momentum may be present now. A bullish bias may emerge above the RM1.55 level, with a stop-loss set at RM1.41, below 26 May’s low. Towards the upside, the near-term resistance level is seen at RM1.70, followed by RM1.80.

Entry : RM1.55–1.61

Target : RM1.70, RM1.80

Exit : RM1.41

Source: AmInvest Research - 19 Jun 2022