MBM Resources has rebounded from its low to test the immediate resistance level of RM4.18. With a rising RSI, a bullish bias may be present above this mark with the target prices of RM4.47 and RM4.85. In this case, the immediate support is anticipated at RM3.80, whereby traders may exit on a breach to avoid the risk of a further correction.

Trading Call: Buy upon breakout above RM4.18
Target: RM4.47, RM4.85 (time frame: 3-6 weeks)
Exit: RM3.80

Source: AmInvest Research - 17 Oct 2019