Malaysian Resources Corporation has been range-bound during recent sessions with an immediate resistance level of RM0.75. With higher trading volume spotted in the latest session, there’s a possibility it may break above the resistance and move towards the target prices of RM0.77 and RM0.80. In this case, the immediate support is anticipated at RM0.725, whereby traders may exit on a breach to avoid the risk of a further correction. Trading Call: Buy upon breakout above RM0.75
Target: RM0.77, RM0.80 (time frame: 3-6 weeks) Exit: RM0.725
Source: AmInvest Research - 15 Jan 2020
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