Mega First Corporation surged past the resistance level of RM3.66 in the latest session with higher trading volume. With the momentum indicator RSI above 65%, the bullish momentum may continue and move towards a target price of RM3.86. If it dips below RM3.66, it will move sideways for consolidation. The immediate support is anticipated at RM3.51, whereby traders may exit on a breach to avoid the risk of a further consolidation.
Trading Call: Buy on continuation above RM3.66
Target: RM3.86 (time frame: 3-6 weeks)
Exit: RM3.51
Source: AmInvest Research - 9 Jul 2019
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