Sern Kou Resources Bhd (7180)

• SERNKOU surged 7.1% or 6 sen to RM0.91 yesterday.

• Share price hit an all-time high at RM0.91 yesterday with a long bullish white candle. Share price has most likely completed its much-need consolidation and remains on bullish up-cycle trend.

• The bullish breakout with strong buying momentum coupled and positive technical indicator signals may see share price charting new highs possibly testing the RM1.00 level.

• As such, resistance levels are seen at RM1.00 (R1) and RM1.10 (R2).

• On the flipside, downside support levels are expected at RM0.87 (S1) and RM0.73 (S2).

Source: Rakuten Research - 22 Oct 2019