On previous trading day, SKPRES climbed 1.0 sen (+2.67%) to settle at RM0.38 with high trading volume. From a technical perspective, SKPRES has been trading in a sideway trend channel for the past 2.5 years. Key indicators (MACD, Stochastic and RSI) are currently hooking upwards, suggesting strong buying interest is building up. Based on this bullish bias, we believe that SKPRES could retest its resistance level of RM0.40 in the near-term. Meanwhile, we suggest traders to look for a resistance breakout moving forward. Shall the RM0.40 resistance be taken out, we believe SKPRES could stage a rally towards the ‘Flagpole’ measurement objective of RM0.52.

 

Source: Kenanga