SKP Resources is eyeing for an upward rebound as it bounced off the 21-day SMA line – forming a “long lower shadow” candlestick. If it manages to breach above the MYR1.78 immediate resistance level, a positive bias will emerge. This will then propel the stock towards the next barrier at MYR1.85 before reaching the higher level at MYR2.05 – the historical high. Meanwhile, if it falls below the MYR1.67 support level, this momentum will fade.

Source: RHB Securities Research - 29 Jul 2021