Luxchem’s uptrend is likely to extend after it reached a five-year high yesterday. A purchase can be made above the broken RM1.20 resistance level, while a close below last week’s low of RM1.18 can be employed as a stop-loss. The price target is RM1.40, with selling also anticipated at RM1.30. A close back below RM1.20 may signal a false breakout and weakness is confirmed on a close below RM1.18. Strong support lies at RM1.10.
Source: OSK
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