Sector: Industrial Products/ Chemical

Analysed on 23/10/21

SAMCHEM has been performing well this week and successfully broke the resistance at RM0.960. SAMCHEM is currently trading at RM1.010, with immediate support at RM0.960 and immediate resistance at RM1.030. Should SAMCHEM continue to stay above RM0.960, it will challenge its all-time high at RM1.030. Both EMA25 and EMA50 are trending upwards which indicate that SAMCHEM is on an uptrend rally. Note that SAMCHEM has been on a bullish run for some time without any obvious retracement, investor who is interested in SAMCHEM may need to wait for retracement to minimise the risk. EMA25 can be taken as the reference for entry point.

Reason to Monitor: Potential Breakout

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