Investment Ideas: Stock Picks – Sime Darby Property, Texchem Resources

RHB Retail Research cited that Sime Darby Property is eyeing to extend its upside movement, after breaking past the immediate resistance to record an 8- month high.

The research house observed that volume has increased tremendously in tandem with the share price trending higher, showing strong momentum is in play. If the stock sustains above the MYR0.52 breakout point, it should scale higher towards the next resistance pegged at MYR0.57, followed by MYR0.61.

On the other hand, falling below the MYR0.49 support would negate the bullish setup.

Texchem Resources is also attempting to extend the counter trend rebound, testing the MYR1.85 immediate resistance with strong volume. Observe that since crossing below the 21-day SMA line, the stock has been experiencing a correction.

If the bullish breakout happens, the stock should end the correction and climb towards MYR2, followed by the MYR2.20 level.

On the flip side, breaching below the MYR1.58 support would resume the correction.

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