Top Glove Corporation printed an engulfing white candle with higher trading volume in its latest session. While the momentum indicator RSI is above 50%, the short-term momentum could surge past the immediate resistance of RM4.84 and move towards a target price of RM5.03, followed by RM5.21. The support level is anticipated at RM4.66 whereby traders may exit on a breach to avoid the risk of a further correction.
Trading Call: Buy upon rebound above RM4.84
Target: RM5.03, RM5.21 (time frame: 3-6 weeks)
Exit: RM4.66
Source: AmInvest Research - 15 May 2019
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