Sime Darby Property is poised for a major uptrend reversal after rebounding strongly above the 21-day SMA line, heading towards the MYR0.67 immediate resistance level. Pending a breakout, the stock is likely to trend higher towards the MYR0.755 immediate resistance, followed by the next resistance at MYR0.835, which was the 4-year high. On the flip side, a breach below the MYR0.60 support would indicate a potential downtrend, beneath the SMA line.

Source: RHB Securities Research - 4 Jan 2024