Texchem Resources Bhd (TEXCHEM, 8702)

• Share price closed 5.1% higher at RM1.04 on Monday.

• TEXCHEM was having Green Marubozu candles for the past two trading days with relatively higher trading volume. It is also trading above all its key moving averages.

• Coupled with upticks in its indicators and MACD bullish crossover, share price is poised to move higher.

• Resistance levels are identified at RM1.07 (R1) and RM1.18 (R2).

• On the flipside, support levels are pegged at RM0.990 (S1) and RM0.860 (S2).

Source: Rakuten Research - 21 Dec 2021