MBM Resources has been consolidating sideways during the last few sessions, with an immediate resistance level of RM3.08. With an RSI above 50%, it may break above the resistance level and move towards the target prices of RM3.32 and RM3.54. Meanwhile, it may trend lower if it fails to break the resistance in the near term. Support is anticipated at RM2.86, whereby traders may exit on a breach to avoid the risk of a further correction

Trading Call: Buy upon breakout above RM3.08

Target: RM3.32, RM3.54 (time frame: 3-6 weeks)

Exit: RM2.86

Source: AmInvest Research - 13 May 2019