Samchem Holdings may rise higher after it formed a long white candle and hit a 10-month high yesterday. The stock also posted 3 white candles in a row and broke out of the 2-week bullish pennant pattern, likely suggesting that upward momentum is picking up further. A bullish bias may emerge above the RM0.60 level, with a stop-loss set at RM0.57, below the 20-day EMA. Towards the upside, the near-term resistance level is seen at RM0.70, followed by RM0.75.

Entry : RM0.60–0.63

Target : RM0.70, RM0.75

Exit : RM0.57

Source: AmInvest Research - 27 Dec 2023