Velesto Energy broke past the resistance price of RM0.32 with higher trading volume. With the momentum indicator RSI above 60%, it may continue to move towards the target price of RM0.34 followed by RM0.355. If it dips below RM0.32, expect a sideway consolidation again. In this case, the support price is anticipated at RM0.305, whereby traders may exit on a breach to avoid the risk of a further correction.

Trading Call: Buy on continuation above RM0.32

Target: RM0.34, RM0.355 (time frame: 3-6 weeks)

Exit: RM0.305

Source: AmInvest Research - 25 Sept 2019