Texchem Resources Bhd
remains on a rebound and could soon recover to its recent high.
The stock had experienced a sharp correction after hitting a resistance of RM1.18 on Oct 27, but has since been on a positive retracement.
Based on the daily price chart, the stock is currently trading above all the daily simple moving averages (SMA), which indicates bullish sentiment.
In the event of continued buying interest, the share could challenge RM1.18 in the coming sessions, a breach of which would see the share price rise to a multi-year high of RM1.38.
The slow-stochastic and 14-day relative strength index (RSI) are both looking bullish near 70 points. While the RSI has entered overbought conditions, it is expected to ascend further to more extreme conditions.
Support is found at 96 sen and 83 sen.
SCGM Bhd is coming closer to surpassing its recent high, which would see the continuation of its short-term uptrend.
Coming within striking distance of the resistance at RM2.77, a positive crossing would see the share price jump higher towards the next resistance at RM3.09.
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