Chemical Company of Malaysia has rebounded from its low to break past the resistance level of RM1.58. With a rising RSI, the bullish momentum may continue above this mark with target prices of RM1.67 and RM1.75. Meanwhile, it may move sideways if it dips below the RM1.58 mark in the near term. In this case, the downside support is anticipated at RM1.53, whereby traders may exit on a breach to avoid the risk of a further correction.

Trading Call: Buy on continuation above RM1.58

Target: RM1.67, RM1.75 (time frame: 3-6 weeks)

Exit: RM1.53

Source: AmInvest Research - 24 Sept 2019