SKP Resources Bhd (7155)

• SKPRES advanced 5.5% or 12 sen to RM2.32 yesterday.

• Upward bullish trend remains intact with share price breaking resistance level yesterday on the back of higher volume. Meanwhile, key technical indicators are signalling buying strength besides trading above upward sloping moving averages line, which are positive signs. As such, share price is likely to go higher.

• From the chart, immediate resistance level is at RM2.35 (R1), which is the all-time high. Should it break the first level, next resistance can be expected at RM2.50 (R2).

• On the downside, support levels are identified at RM2.13 (S1) and RM2.00 (S2).

Source: Rakuten Research - 22 Jan 2021