Pharmaniaga surged past the resistance level of RM2.40 in its latest session with higher trading volume. With the momentum indicator RSI above 60%, the short-term momentum could reach a target price of RM2.66, followed by RM2.80. If it dips below RM2.40, it will continue to drift sideways and consolidates. Support level is anticipated at RM2.25 whereby traders may exit on a breach to avoid the risk of a further correction.

Trading Call: Buy on trend continuation above RM2.40

Target: RM2.66, RM2.80 (time frame: 2-4 weeks)

Exit: RM2.25

Source: AmInvest Research - 29 Apr 2019