Magnum has been range-bound during recent sessions. With the momentum indicator RSI above 50%, there is a possibility it will break above the resistance level of RM2.40, and move towards target prices of RM2.47 and RM2.53. Meanwhile, the immediate support is anticipated at RM2.34, whereby traders may exit on a breach to avoid the risk of a further correction.

Trading Call: Buy upon breakout above RM2.40

Target: RM2.47, RM2.53 (time frame: 3-6 weeks)

Exit: RM2.34

Source: AmInvest Research - 30 May 2019