Velesto Energy may soon test the RM0.30 resistance level. With a rising RSI level above 50%, a bullish bias may be present above this mark with a target level of RM0.315 followed by RM0.345. Meanwhile, it may continue moving sideways if it fails to cross the RM0.30 mark in the near term. In this case, the immediate support is anticipated at RM0.27, whereby traders may exit on a breach to avoid the risk of a further correction.

Trading Call: Buy upon breakout above RM0.30

Target: RM0.315, RM0.345 (time frame: 3-6 weeks)

Exit: RM0.27

Source: AmInvest Research - 21 Jun 2019