Ranhill Holdings breached the RM1.34 level in its latest session, challenging its all-time-high its since IPO. With an RSI level above 70%, the bullish momentum may reach target prices of RM1.44, and RM1.50. Meanwhile, it may continue to drift sideways if it falls back below the RM1.34 mark in the near term. In this case, support is anticipated at RM1.23, whereby traders may exit on a breach to avoid the risk of a further correction.

Trading Call: Buy on continuation above RM1.34

Target: RM1.44, RM1.50 (time frame: 3-6 weeks)

Exit: RM1.23

Source: AmInvest Research - 22 Jul 2019