Malayan Flour Mills jumped above the resistance level of RM0.725 in the latest session. With the momentum indicator RSI above 50%, it may continue to move towards the near-term target level of RM0.78 followed by RM0.825. If it dips below RM0.725, expect a sideway consolidation. In this case, support level is anticipated at RM0.68, whereby traders may exit on a breach to avoid the risk of a further correction.

Trading Call: Buy upon breakout above RM0.725

Target: RM0.78, RM0.825 (time frame: 3-6 weeks)

Exit: RM0.68

Source: AmInvest Research - 5 Jul 2019