Frontken Corporation broke past the resistance level of RM1.62 in the latest session and continue to challenge its multi-year high. With the RSI above 70%, it may continue to move towards the short-term target price of RM1.70 followed by RM1.79. If it dips below RM1.62, expect a sideway consolidation movement. In this case, support price is anticipated at RM1.53, whereby traders may exit on a breach to avoid the risk of a further correction.
Trading Call: Buy on continuation above RM1.62
Target: RM1.70, RM1.79 (time frame: 3-6 weeks)
Exit: RM1.53
Source: AmInvest Research - 22 Jul 2019
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