Malayan Cement is consolidating with its immediate resistance level at RM1.56. Notice that there was a hammer pattern in the previous session that suggested it could be hitting the bottom. A successful breakout from the resistance could see a technical rebound towards the short-term target prices of RM1.77 and RM1.98. In this case, the downside support is anticipated at RM1.35, whereby traders may exit on a breach to avoid the risk of a further correction.

Trading Call: Buy on breakout RM1.56
Target: RM1.77, RM1.98 (time frame: 3-6 weeks)
Exit: RM1.35

Source: AmInvest Research - 25 Mar 2020