Teo Seng Capital has rebounded from its low and may soon test the immediate resistance level RM1.21. With a rising RSI, a bullish bias may be present above this mark with target prices of RM1.32 and RM1.42. Meanwhile, it may continue moving sideways if it fails to cross RM1.21 in the near term. In this case, the immediate support is anticipated at RM1.11, whereby traders may exit on a breach to avoid the risk of a further correction.

Trading Call: Buy upon breakout above RM1.21

Target: RM1.32, RM1.42 (time frame: 3-6 weeks)

Exit: RM1.11

Source: AmInvest Research - 23 Jul 2019