Samaiden Group is in a position for an uptrend reversal, as it rebounded above the immediate resistance level of MYR1.15 on strong trading volume. As it is riding above the 21-day SMA line amid the “higher high” bullish pattern, we expect a followthrough price action to test the next resistance of MYR1.22, followed by the recent high of MYR1.30. Meanwhile, falling below the MYR1.10 psychological support would lead to its direction shifting downwards.

Source: RHB Securities Research - 5 Jan 2024