Ancom may soon test the RM0.585 resistance level. With a rising RSI, a bullish bias may be present above this mark with the short term target prices of RM0.63 and RM0.65. Meanwhile, it may continue moving sideways if it fails to cross RM0.585 in the near term. Support is then anticipated at RM0.54, whereby traders may exit on a breach to avoid the risk of a further correction.

Trading Call: Buy upon breakout above RM0.585

Target: RM0.63, RM0.65 (time frame: 3-6 weeks)

Exit: RM0.54

Source: AmInvest Research - 17 Dec 2019