Frontken Corporation shot up and formed a long white candle in its latest session. With an RSI level above 60%, it may continue to climb above the resistance price of RM1.67. If this happens, its short-term target price will be RM1.78 followed by RM1.89. The support price is anticipated at RM1.56, whereby traders may exit on a breach to avoid the risk of a further correction.
Trading Call: Buy upon breakout above RM1.67
Target: RM1.78, RM1.89 (time frame: 3-6 weeks)
Exit: RM1.56
Source: AmInvest Research - 20 Aug 2019
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