Samchem Holdings is set for an uptrend reversal after it broke above the MYR0.61 immediate resistance with strong trading volume – forming a “White Marubozu” bullish candlestick.
RHB Retail Research Market Dateline said today (Dec 27) that amid trading above the rising 21-day SMA line, the stock will likely advance towards the MYR0.745 resistance, followed by the next resistance at MYR0.83. Conversely, a drop below the MYR0.58 support would invalidate the bullish setup, falling below the SMA line.
Hartalega Holdings is set to propel higher after reclaiming the MYR2.70 previous resistance, coupled with the rising 21-day SMA line.
Riding on the improved trading volume, the stock is likely to trend upwards towards the MYR3.10 level, followed by the immediate resistance at MYR3.60 mark. On the flip side, a drop below the MYR2.50 support would indicate a potential downtrend, beneath the SMA line.
