MBM Resources has rebounded from its low to test the immediate resistance of RM3.94. With a rising RSI, a bullish bias may be present above this mark with target prices of RM4.06 and RM4.13. Support is anticipated at RM3.85, whereby traders may exit on a breach to avoid the risk of a further correction.
Trading Call: Buy upon breakout above RM3.94
Target: RM4.06, RM4.13 (time frame: 3-6 weeks)
Exit: RM3.85
Source: AmInvest Research - 20 Nov 2019
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