KUALA LUMPUR (Dec 27): RHB Retail Research said Samchem Holdings Bhd is set for an uptrend reversal after it broke above the 61 sen immediate resistance with strong trading volume – forming a “White Marubozu” bullish candlestick.

In a trading stocks note on Wednesday, the research house said that amid trading above the rising 21-day simple moving average (SMA) line, the stock will likely advance towards the 74.5 sen resistance, followed by the next resistance at 83 sen.

“Conversely, a drop below the 58 sen support would invalidate the bullish setup, falling below the SMA line,” it said.