Malayan Flour Mills was testing the resistance level RM0.785 during its intraday high. With an RSI level above 50%, it may move higher above this mark with a target price of RM0.855, followed by RM0.92. Meanwhile, it may drift sideways if it fails to cross the RM0.785 mark in the near term. In this case, support is anticipated at RM0.72, whereby traders may exit on a breach to avoid the risk of a further correction.

Trading Call: Buy upon breakout above RM0.785

Target: RM0.855, RM0.92 (time frame: 2-4 weeks)

Exit: RM0.72

Source: AmInvest Research - 8 May 2019