Malaysian Pacific Industries has been trending lower during recent sessions. As a hammer pattern is seen recently at the bottom of the chart, it may rebound above the resistance price of RM8.80. If this happens, the short-term target price will be RM9.05 followed by RM9.25. Support is anticipated at RM8.60, whereby traders may exit on a breach to avoid the risk of a further correction.

Trading Call: Buy upon breakout above RM8.80

Target: RM9.05, RM9.25 (time frame: 3-6 weeks)

Exit: RM8.60

Source: AmInvest Research - 6 Aug 2019