ELK-Desa Resources surged past the resistance price RM1.68 in its latest session and set on a parabolic move upwards. With the RSI above 70%, the bullish momentum could reach the next target price of RM1.77, followed by RM1.85. If it dips below RM1.68, it may move sideways and then consolidates. Support price is anticipated at RM1.60 whereby traders may exit on a breach to avoid the risk of a further correction.

Trading Call: Buy on continuation above RM1.68

Target: RM1.77, RM1.85 (time frame: 3-6 weeks)

Exit: RM1.60

Source: AmInvest Research - 22 Jul 2019