Prestar Resources has been consolidating sideways during the last few sessions, with an immediate resistance price of RM0.55. With an RSI above 50%, it may break the resistance level. If this happens, the short-term target price will be RM0.61 folowed by RM0.65. In this case, support is anticipated at RM0.51, whereby traders may exit on a breach to avoid the risk of a further correction.

Trading Call: Buy upon breakout above RM0.55

Target: RM0.61, RM0.65 (time frame: 3-6 weeks)

Exit: RM0.51

Source: AmInvest Research - 17 Jul 2019