SKP Resources may trend higher after it surged to a 7-month high and closed above the RM1.70 resistance (June’s high) yesterday. With the 20-day EMA remaining above the 50-day EMA since the bullish crossover in late July, the uptrend may continue in the near term. A bullish bias may emerge above the RM1.70 level, with a stop-loss set at RM1.58, below the 20-day EMA. Towards the upside, the near-term resistance level is seen at RM1.80, followed by RM1.90.

Entry : RM1.70–1.73

Target : RM1.80, RM1.90

Exit : RM1.58

Source: AmInvest Research - 18 Aug 2022