SP Setia rebounded above the 21-day SMA line while reclaiming above the MYR0.90 immediate resistance with strong trading volume. The bullish momentum above that level is likely to propel the stock towards the recent high at MYR0.975, followed by the next resistance at MYR1.06, or the 52-week high. On the other hand, a fall below the MYR0.835 support would lead to a correction.

Source: RHB Securities Research - 16 Jan 2024