MMC Corporation has been consolidating sideways during the last few sessions, with an immediate resistance price of RM1.12. With the RSI rising above 50%, it may break the resistance level in coming sessions. If this happens, the short-term target prices will be RM1.19 and RM1.28. In this case, support is anticipated at RM1.05, whereby traders may exit on a breach to avoid the risk of a further correction.
Trading Call: Buy upon breakout above RM1.12
Target: RM1.19, RM1.28 (time frame: 3-6 weeks)
Exit: RM1.05
Source: AmInvest Research - 25 Sept 2019
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