Magnum broke past the resistance level of RM2.77 in the latest session, advancing to its 5-year high. With the RSI above 70%, it may continue to move towards the short-term target price of RM2.95 followed by RM3.00. If it dips below RM2.77, expect a sideway consolidation movement. In this case, support price is anticipated at RM2.69, whereby traders may exit on a breach to avoid the risk of a further correction.

Trading Call: Buy on continuation above RM2.77

Target: RM2.95, RM3.00 (time frame: 3-6 weeks)

Exit: RM2.69

Source: AmInvest Research - 16 Jul 2019