Sapura Energy has rebounded from its low to test the immediate resistance level of RM0.295. With a rising RSI, a bullish bias may be present above this mark with target prices of RM0.32 and RM0.335. Meanwhile, it may continue moving sideways if it fails to cross the RM0.295 mark in the near term. In this case, the immediate support is anticipated at RM0.26, whereby traders may exit on a breach to avoid the risk of a further correction.

Trading Call: Buy upon breakout above RM0.295
Target: RM0.32, RM0.335 (time frame: 3-6 weeks)
Exit: RM0.26

Source: AmInvest Research - 11 Nov 2019