Top Glove Corporation is heading for an all-time-high and may test the immediate resistance level of RM6.31 soon. We notice the trading volume growing in tandem with the escalation of the stock price. With the momenutm indicator RSI pointing upwards, we foresee that it may continue to propel towards the short-term target prices of RM6.75 and RM7.15. In this case, the downside support is anticipated at RM5.90, whereby traders may exit on a breach to avoid the risk of a further correction

Trading Call: Buy on breakout RM6.31

Target: RM6.75, RM7.15 (time frame: 3-6 weeks)

Exit: RM5.90

Source: AmInvest Research - 12 Mar 2020