Possible for sideways breakout. OVERSEA is staging a potential breakout from its sideways channel. Corresponding RSI and MACD indicators remain healthy while undergoing congestion phase, with anticipation of continuous improvement in both momentum and trend in the near term. Should immediate resistance level of RM0.160 be broken with renewed buying interest, it may continue to lift price higher to subsequent resistance level of RM0.180.
However, failure to hold on to support level of RM0.130 may indicate weakness in the share price and hence, a cut-loss signal.
Source: PublicInvest Research - 7 May 2021