MI Technovation was testing the RM2.61 resistace level during its intraday high. With its 21-day moving average trading higher, coupled with higher trading volume, we think that it may break out from resistance soon. If this happens, expect it to propel towards the short-term target price of RM2.72 followed by RM2.82. In this case, the downside support is marked at RM2.45, whereby traders may exit on a breach to avoid the risk of a further correction

Trading Call: Buy on breakout RM2.61

Target: RM2.72, RM2.82 (time frame: 2-4 weeks)

Exit: RM2.45

Source: AmInvest Research - 24 Jun 2020