MMC Corporation has been range-bound during recent sessions. With the momentum indicator RSI above 60%, there is a possibility it will break above the resistance level of RM1.22, and move towards a short-term target price of RM1.37. Meanwhile, the immediate support is anticipated at RM1.12, whereby traders may exit on a breach to avoid the risk of a further correction.
Trading Call: Buy upon breakout above RM1.22
Target: RM1.37 (time frame: 3-6 weeks)
Exit: RM1.12
Source: AmInvest Research - 15 Jul 2019
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