Malayan Flour Mills broke past the resistance level of RM0.49 with higher trading volume. With the momentum indicator RSI above 50%, we foresee the bullish momentum will continues to move towards the short-term target prices of RM0.52 and RM0.55. The downside support is anticipated at RM0.46, whereby traders may exit on a breach to avoid the risk of a further correction

Trading Call: Buy on continuation RM0.49

Target: RM0.52, RM0.55 (time frame: 3-6 weeks)

Exit: RM0.46

Source: AmInvest Research - 20 Apr 2020