AME Elite Consortium broke past the resistance price of RM1.87 in the latest session. With the momentum indicator RSI above 60%, it may continue to move towards the target price of RM1.95 followed by RM1.98. If it dips below RM1.87, expect a sideway consolidation again. Support is anticipated at RM1.76, whereby traders may exit on a breach to avoid the risk of a further correction.
Trading Call: Buy on continuation above RM1.87
Target: RM1.95, RM1.98 (time frame: 3-6 weeks)
Exit: RM1.76
Source: AmInvest Research - 22 Nov 2019
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