Benalec Holdings was testing the RM0.225 resistance level again in its latest session with higher trading volume. With the momentum indicator RSI above 60%, the short-term rebound could reach a target price of RM0.27, followed by RM0.315. If it fails to cross RM0.225, it will continue to move sideways and consolidates. Support is anticipated at RM0.18 whereby traders may exit on a breach to avoid the risk of a further correction.

Trading Call: Buy upon breakout above RM0.225

Target: RM0.27, RM0.315 (time frame: 3-6 weeks)

Exit: RM0.18

Source: AmInvest Research - 22 Apr 2019