Texchem Resources is eyeing to extend the upside movement after breaking past the resistance on strong volume. The stock has climbed above the MYR0.90 resistance to confirm a bullish setup. We have seen the trading volume increasing in tandem with the share price, showing momentum is picking up speed again. This momentum may propel the counter towards the next resistance at MYR0.96, followed by the MYR1 mark. If it falls below the MYR0.845 support, the bullish setup will be negated.

Source: RHB Securities Research - 12 Aug 2024