Malaysian Bulk Carriers was testing the RM0.605 level during its intraday high. With an RSI pointing above the 60% level, it may move higher above this mark with a target price of RM0.65, followed by RM0.69. Meanwhile, it may drift sideways if it fails to cross the RM0.605 mark in the near term. In this case, support is anticipated at RM0.565, whereby traders may exit on a breach to avoid the risk of a further correction.

Trading Call: Buy upon breakout above RM0.605

Target: RM0.65, RM0.69 (time frame: 3-6 weeks)

Exit: RM0.565

Source: AmInvest Research - 30 Aug 2019