Salcon is eyeing for a potential uptrend reversal after bouncing off the 21-day SMA line and testing the MYR0.295 consolidation phase yesterday, on a stronger trading volume. If a breakout occurs above that level, the stock may rebound strongly towards the MYR0.36 resistance, or the 52-week high, followed by the three-year high at MYR0.415. On the flip side, a drop below the MYR0.25 support would indicate a potential downtrend, beneath the SMA line.

Source: RHB Securities Research - 29 Dec 2023