Sam Engineering & Equipment’s upside move may persist after it continued holding above the rising 21-day SMA line. Given that the stock has formed a “Hammer” pattern on 11 Oct, this indicates a potential rebound. A bullish bias may emerge above the MYR7.80 level, with an exit set below the MYR7.40 threshold. Towards the upside, the immediate resistance is at MYR8.38. This is followed by the MYR8.50 level.

Source: RHB Securities Research - 24 Oct 2018