MBM Resources has been range-bound during recent sessions. With the momentum indicator RSI above 60%, there is a possibility it will break above the resistance of RM3.33, and move towards target prices of RM3.53 and RM3.63. Meanwhile, the immediate support is anticipated at RM3.18, whereby traders may exit on a breach to avoid the risk of a further correction.

Trading Call: Buy upon breakout above RM3.33

Target: RM3.53, RM3.63 (time frame: 3-6 weeks)

Exit: RM3.18

Source: AmInvest Research - 19 Aug 2019