Samchem Holdings is set for an uptrend reversal after it broke above the MYR0.61 immediate resistance with strong trading volume – forming a “White Marubozu” bullish candlestick. Amid trading above the rising 21-day SMA line, the stock will likely advance towards the MYR0.745 resistance, followed by the next resistance at MYR0.83. Conversely, a drop below the MYR0.58 support would invalidate the bullish setup, falling below the SMA line.
Source: RHB Securities Research - 28 Dec 2023
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