SP Setia is set to rebound higher, as strong buying interest emerged yesterday to push the stock above the 21-day average line and the immediate resistance of MYR0.64. Riding on the fresh “higher high” bullish pattern, the stock may surge towards the MYR0.70 mark, followed by the MYR0.75 threshold, ie 6 Dec 2022’s high. However, the counter may move downwards if it drops below the MYR0.60 support, as it trades below the short-term average line while forming a “lower low” bearish pattern.

Source: RHB Securities Research - 13 Jan 2023