Foundpac Group surged past the resistance price of RM0.365 in its latest session with higher trading volume. With the momentum indicator RSI above 60%, the short-term momentum could reach a target price of RM0.39, followed by RM0.42. If it dips below RM0.365, it will move sideways and consolidate. The support price is anticipated at RM0.335 whereby traders may exit on a breach to avoid the risk of a further correction.

Trading Call: Buy on continuation above RM0.365

Target: RM0.39, RM0.42 (time frame: 3-6 weeks)

Exit: RM0.335

Source: AmInvest Research - 21 Aug 2019