RHB Retail Research
Technical Analysis - Sam Engineering & Equipment (M)
Sam Engineering & Equipment’s buying momentum may have returned after it rose above the 21-day SMA line. Yesterday’s long white candle can be regarded as a continuation of the rebound that started off 29 Oct’s “Hammer” pattern. A bullish bias may emerge above the MYR7.80 level, with an exit set below the MYR7.35 threshold. Towards the upside, the immediate resistance is at MYR8.38. This is followed by the MYR8.50 level.
Source: RHB Securities Research - 1 Nov 2018
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