CP Industrial Product Holding has rebounded from its low to test the immediate resistance level of RM1.00. With a rising RSI above 70%, a bullish bias may be present above this mark with a target price of RM1.08 and RM1.16. If it fails to close above RM1.00, expect a sideway consolidation movement. In this case, the immediate support is anticipated at RM0.92, whereby traders may exit on a breach to avoid the risk of a further correction.

Trading Call: Buy upon breakout above RM1.00
Target: RM1.08, RM1.16 (time frame: 3-6 weeks)
Exit: RM0.92

Source: AmInvest Research - 10 Dec 2019