Sector: Industrial Products/ Chemical

Analysed on 30/10/21

SAMCHEM attempted to challenge the resistance at RM1.030 early this week but later retraced to EMA25 after the release of QR. SAMCHEM is currently trading at RM0.930, with immediate support at RM0.905 and immediate resistance at RM0.960.

Overall, SAMCHEM is still on an uptrend with both EMA25 and EMA50 trending upwards. However, investor may need to be caution on SAMCHEM as it has retraced around 10% since the release of QR. It is advised to monitor SAMCHEM for another 2 to 3 days to confirm if SAMCHEM will find the support at EMA25 region before consider to open a position for SAMCHEM. Falling below EMA25 indicates that the momentum has turned weak.

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