MMC Corporation jumped higher to touch the immediate resistance level RM0.815 with higher trading volume. The technical indicator RSI showed that a bullish momentum has kicked in. If this persists, we foresee that it will break out and propel towards the short-term target prices of RM0.855 and RM0.935. In this case, the downside support is marked at RM0.73, whereby traders may exit on a breach to avoid the risk of a further correction

Trading Call: Buy on breakout RM0.815

Target: RM0.855, RM0.935 (time frame: 2-4 weeks)

Exit: RM0.73

Source: AmInvest Research - 22 May 2020