SKP Resources is eyeing to stage a technical breakout while testing the immediate resistance. The counter has climbed above the 21-day SMA line, which shows the bullish momentum is gaining traction. If it breaks past the MYR1.16 resistance, a bullish bias will emerge. In this scenario, the momentum may lift the stock towards the next resistance at MYR1.25, followed by the MYR1.30 mark. However, breaching the MYR1.05 support resumes the correction phase.

Source: RHB Securities Research - 5 Sept 2024