Kossan Rubber Industries has been range-bound during recent sessions. Higher trading volume was recorded in the latest session. With the momentum indicator RSI above 60%, there is a possibility it will break above the resistance price of RM4.30, and move towards a target price of RM4.43, followed by RM4.53. The downside support is anticipated at RM4.20, whereby traders may exit on a breach to avoid the risk of a further consolidation.
Trading Call: Buy upon breakout above RM4.30
Target: RM4.43, RM4.53 (time frame: 3-6 weeks)
Exit: RM4.20
Source: AmInvest Research - 1 Oct 2019
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