SKPRES gained 3.0 sen (+1.97%) yesterday to close at RM1.55.
Technically, the stock has been trading within a range of RM1.36 to RM1.62 since April 2018.
The recent rally in prices accompanied by increasing trading volume and positive signals from key momentum indicators could be an early signal of an impending breakout.
We expect SKPRES to test its first resistance of RM1.62 (R1). Should it break and close above this level, we deem that a breakout has occurred, and we look towards RM1.72 (R2) as the next resistance.
Conversely, supports can be identified at RM1.48 (S1) and RM1.36 (S2).
K1 (Not Rated)
K1 gained 1.0 sen (+5.0%) to close at RM0.210, with 4.6m shares exchanging hand, almost 3-folds its 20-day average.
Technically, the share has been enjoying a steady uptrend since early April, continuously leading key SMAs upwards, with MACD in a bullish convergence.
From here, look out for the coming few days if the share manages to retest its next overhead resistance RM0.220 (R1). Should it be decisively taken out, it could pave a clear path towards RM0.240 (R2).
Conversely, immediate support can be identified at RM0.200 (S1), with a stronger support lower at RM0.185 (S2).
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