Samchem Holdings is set for an uptrend rebound, as it bounced off the 21-day SMA line, surpassing the MYR0.56 level yesterday, on surging trading volume. Coupled with a “Bullish Marubozu” candlestick formation, the stock is set to heading towards MYR0.59 – the highest level since 8 Mar – followed by the next resistance at MYR0.63. On the other hand, falling below the MYR0.54 support will negate the bullish setup.

Source: RHB Securities Research - 12 Dec 2023