SKP Resources’ buying momentum may have returned after it recently rose above the 21-day SMA line. Yesterday’s candle can be viewed as a continuation of the bulls extending the rebound from 29 Jun’s “Bullish Engulfing” pattern. A bullish bias may emerge above the MYR1.45 level, with an exit set below the MYR1.34 threshold. Towards the upside, the immediate resistance is at MYR1.63. This is followed by the MYR1.75 level.

Source: RHB Securities Research - 18 Jul 2018