Chemical Company of Malaysia’s upside move may persist after it continued holding above the rising 21-day SMA line. Yesterday’s white candle can be viewed as a continuation of the bulls extending the buying momentum from 23 Apr’s upside gap. A bullish bias may emerge above the MYR2.12 level, with an exit set below the MYR2.04 threshold. Towards the upside, the immediate resistance is at MYR2.25. This is followed by the MYR2.35 level.

Source: RHB Securities Research - 30 Apr 2019