Malaysian Bulk Carriers rebounded from its low to test the resistance level of RM0.59 in the latest session. With an RSI above 60%, the short-term momentum could reach the next target level of RM0.64, followed by RM0.685. If it dips below RM0.545, it will continue to move sideways and consolidate. The support level is anticipated at RM0.545 whereby traders may exit on a breach to avoid the risk of a further correction.

Trading Call: Buy upon breakout above RM0.59

Target: RM0.64, RM0.685 (time frame: 3-6 weeks)

Exit: RM0.545

Source: AmInvest Research - 12 Jul 2019