Malaysian Pacific Industries rebounded in its latest session with a hammer pattern. With a neutral RSI, its uptrend momentum may resume if it crosses above the immediate resistance level of RM8.90 with higher trading volume. In this case, its short-term target price will be RM9.21 followed by RM9.51. Support level is anticipated at RM8.60, whereby traders may exit on a breach to avoid the risk of a further correction.
Trading Call: Buy upon rebound above RM8.90
Target: RM9.21, RM9.51 (time frame: 3-6 weeks)
Exit: RM8.60
Source: AmInvest Research - 28 May 2019
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