Mega First Corporation has been range-bound during recent sessions. Higher trading volume was recorded in the latest session. With the momentum indicator RSI above 50%, there is a possibility it will break above the resistance price of RM5.00, and move towards the target prices of RM5.30 and RM5.60. The immediate support is anticipated at RM4.72, whereby traders may exit on a breach to avoid the risk of a further consolidation.

Trading Call: Buy upon breakout above RM5.00

Target: RM5.30, RM5.60 (time frame: 3-6 weeks)

Exit: RM4.72

Source: AmInvest Research - 19 Dec 2019