Orna Paper has rebounded from low to test the immediate resistance level RM1.12. Higher trading volume was recorded at the latest session. With rising RSI, a bullish bias may be present above this mark with a target price of RM1.17 and RM1.23. In this case, the immediate support is anticipated at RM1.06, whereby traders may exit on a breach to avoid the risk of a further correction.

Trading Call: Buy upon breakout above RM1.12

Target: RM1.17, RM1.23 (time frame: 3-6 weeks)

Exit: RM1.06

Source: AmInvest Research - 23 Jan 2020