Frontken Corporation broke past the resistance level of RM1.52 in the latest session and challenging its all-time high. With the RSI above 70%, it may continue to move towards the short-term target price of RM1.62 followed by RM1.68. If it dips below RM1.62, expect a sideway consolidation again. In this case, support price is anticipated at RM1.45, whereby traders may exit on a breach to avoid the risk of a further correction.
Trading Call: Buy on continuation above RM1.52
Target: RM1.62, RM1.68 (time frame: 3-6 weeks)
Exit: RM1.45
Source: AmInvest Research - 12 Jul 2019
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