Magnum may soon test the RM2.87 resistance level. With a healthy RSI level, a bullish bias may be present above this mark with the target prices of RM1.92 and RM2.00. Meanwhile, it may continue moving sideways if it fails to cross the RM2.87 mark in the near term. In this case, the immediate support is anticipated at RM2.74, whereby traders may exit on a breach to avoid the risk of a further correction.

Trading Call: Buy upon breakout above RM2.87

Target: RM1.92, RM2.00 (time frame: 3-6 weeks)

Exit: RM2.74

Source: AmInvest Research - 25 Oct 2019