Malaysian Resources Corporation moved higher and may soon test the RM0.775 resistance level. With a rising RSI, a bullish bias may be present above this mark with target prices of RM0.82 and RM0.865. Meanwhile, it may continue drifting sideways if it fails to cross the RM0.775 mark in the near term. In this case, the downside support is anticipated at RM0.73, whereby traders may exit on a breach to avoid the risk of a further correction.
Trading Call: Buy upon breakout above RM0.775
Target: RM0.82, RM0.865 (time frame: 3-6 weeks)
Exit: RM0.73
Source: AmInvest Research - 12 Sept 2019
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