Boilermech Holdings retreated after failing to break above the resistance price of RM0.64. With a moderate RSI, a bullish bias may be present above this mark with the short-term target prices of RM0.68 and RM0.72. Meanwhile, it may continue moving sideways if it fails to cross RM0.64 in the near term. The downside support is anticipated at RM0.60, whereby traders may exit on a breach to avoid the risk of a further correction.

Trading Call: Buy upon breakout above RM0.64

Target: RM0.68, RM0.72 (time frame: 3-6 weeks)

Exit: RM0.60

Source: AmInvest Research - 21 Jan 2020