Samchem Holdings Bhd (SAMCHEM, 0245)

• We believe buying interests on SAMCHEM has returned after it broke out from the three-week bullishflag pattern two sessions ago. In view of the stock rebounded off the 20-day EMA with its third consecutive white candle coupled with the RSI indicator pointing upwards, this suggests additional upside strength may prevail in the near term.

• We expect the rising momentum is set to steer the stock higher and test the next level of resistanceof RM0.685 (R1) and RM0.725 (R2) in the near term.

• On the downside, stop-loss is set at RM0.58, below the 30 Jan’s low.

Source: Rakuten Research - 8 Feb 2024

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