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SKPRES (30/11/2020) on rising wedge, limited upside

Short
MYX:SKPRES   SKP RESOURCES BHD
In H4, the stock is forming rising wedge and already on its edge. Resistance is at 2.06 (52WH), 2.15, 2.35 and 2.45 (Fibo 1.272) where Support is at 1.94, 1.68. If the price fails to test 2.15, it could pullback to 1.44 area as per rising wedge’s opening.

Interestingly, indicators are showing positive signal - MACD cross for breakout, and RSI showing momentum. Probably the stock will experience a short breakout to test the 52WH resistance.

SKPRES has small balance float (10% of 1250M shares) however still higher than its sector peer UCHITECH (13% of 451M shares). This adds a bit friction to its price action during sectoral play.

TAYOR

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