Elsoft Research retreated after failing to break above the resistance price of RM1.05. With an RSI level above 60%, the uptrend momentum may resume if it breaks above the resistance price of RM1.05 in upcoming sessions. If this happens, its shortterm target price will be RM1.10 followed by RM1.16. The support price is anticipated at RM0.98, whereby traders may exit on a breach to avoid the risk of a further correction.

Trading Call: Buy upon breakout above RM1.05

Target: RM1.10, RM1.16 (time frame: 3-6 weeks)

Exit: RM0.98

Source: AmInvest Research - 22 Oct 2019