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KUALA LUMPUR (March 4): RHB Retail Research said S SP Setia Bhd is in the midst of rebounding higher as it managed to stay above the 21-day average line following a recent pullback – printing a “higher low” bullish structure.
In a trading stocks note today, the research house said if the stock manages to reclaim the area above the RM1.34 recent breakout level, the bullish reversal signal is likely to drive it towards the resistance level of RM1.42 (a recent high), followed by RM1.48.
“However, selling pressure will kick in if it falls below the immediate support of RM1.29 – below the average line,” it said.
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