ELK-Desa Resources broke past the resistance price of RM1.70 in the latest session. With the momentum indicator RSI above 60%, it may continue to move towards the target price of RM1.78 followed by RM1.84. If it dips below RM1.70, expect a sideway consolidation again. In this case, the support price is anticipated at RM1.64, whereby traders may exit on a breach to avoid the risk of a further correction.

Trading Call: Buy upon breakout above RM1.70 Target: RM1.78, RM1.84 (time frame: 3-6 weeks) Exit: RM1.64

Source: AmInvest Research - 30 Oct 2019