Mudajaya Group may soon test the RM0.405 resistance level. With a rising RSI above 70%, a bullish bias may be present above this mark with short-term target prices of RM0.435 and RM0.45. Meanwhile, it may continue moving sideways if it fails to cross the RM0.405 mark in the near term. In this case, the downside support is anticipated at RM0.365, whereby traders may exit on a breach to avoid the risk of a further correction.

Trading Call: Buy upon breakout above RM0.405

Target: RM0.435, RM0.45 (time frame: 3-6 weeks)

Exit: RM0.365

Source: AmInvest Research - 5 Dec 2019