Top Glove Corporation broke past the resistance price of RM4.70 in the latest session. With the momentum indicator RSI above 60%, it may continue to move towards the target price of RM4.90 followed by RM5.05. If it dips below RM4.70, expect a sideway consolidation movement. In this case, support price is anticipated at RM4.55, whereby traders may exit on a breach to avoid the risk of a further correction.
Trading Call: Buy on continuation above RM4.70
Target: RM4.90, RM5.05 (time frame: 3-6 weeks)
Exit: RM4.55
Source: AmInvest Research - 26 Aug 2019
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