KUALA LUMPUR (Dec 12): RHB Retail Research said Samchem Holdings Bhd is set for an uptrend rebound, as it bounced off the 21-day simple moving average line, surpassing the 56 sen level on Monday, on surging trading volume.

In a trading stocks note on Tuesday, the research house said that coupled with a “Bullish Marubozu” candlestick formation, the stock is set to heading towards 59 sen — the highest level since March 8 — followed by the next resistance at 63 sen.

“On the other hand, falling below the 54 sen support will negate the bullish setup,” it said.