Sam Engineering & Equipment (M) has been range-bound during recent sessions. Higher trading volume was recorded in the latest session. With the momentum indicator RSI above 50%, there is a possibility it will break the resistance price of RM8.12, and move towards the target prices of RM8.40 and RM8.60. The immediate support is anticipated at RM7.86, whereby traders may exit on a breach to avoid the risk of a further consolidation.
Trading Call: Buy upon breakout above RM8.12
Target: RM8.40, RM8.60 (time frame: 3-6 weeks)
Exit: RM7.86
Source: AmInvest Research - 13 Nov 2019
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