Axiata Group may soon retrace its path to test the RM3.40 level. If this happens, the RSI indicator may drop below 30% and become oversold. This indicates that there is a possibility it will experience a technical rebound towards the short-term target prices of RM3.58 and RM3.80. In this case, the downside support is anticipated at RM3.16, whereby traders may exit on a breach to avoid the risk of a further correction

Trading Call: Buy low near RM3.40

Target: RM3.58. RM3.80 (time frame: 2-4 weeks)

Exit: RM3.16

Source: AmInvest Research - 19 Jun 2020