SKP Resources is attempting a breakout from the sideway consolidation zone. A bullish bias may emerge above the resistance level of MYR2.34. We observe that the stock is moving higher in tandem with increasing trading volume. If the breakout from resistance is successful, we think the bullish momentum may propel the stock towards the next resistance level at MYR2.44, followed by MYR2.60. Meanwhile, a downward breach of the MYR2.15 support will negate this expectation.

Source: RHB Securities Research - 4 Feb 2021