Axiata Group may soon test the resistance level of RM3.30. Observe that the RSI indicator has tumbled to the oversold region. Coupled with high trading volume in its latest session, there is a possibility it will experience a technical rebound towards the short-term target prices of RM3.54 and RM3.72. The downside support is anticipated at RM3.06, whereby traders may exit on a breach to avoid the risk of a further correction

Trading Call: Buy on breakout RM3.30

Target: RM3.54, RM3.72 (time frame: 3-6 weeks)

Exit: RM3.06

Source: AmInvest Research - 23 Mar 2020