Rimbunan Sawit has retraced its path and consolidated near RM0.29 resistance level. With the 21-day moving average pointing upwards, coupled with the RSI indicator above the 50% threshold, we think that the bullish momentum remains intact. If it breaks out above the resistance level, expect it to move towards the short-term target prices of RM0.315 and RM0.345. In this case, the downside support is marked at RM0.245, whereby traders may exit on a breach to avoid the risk of a further correction

Trading Call: Buy on breakout RM0.29

Target: RM0.315, RM0.345 (time frame: 2-4 weeks)

Exit: RM0.245

Source: AmInvest Research - 18 Jun 2020