Boilermech Holdings jumped higher to test the RM0.56 resistance level during its intraday high. Notice that the trading volume surged higher, and we think that the bullish momentum could continue to break out from the resistance level. If this happens, expect it to travel towards the shortterm target prices of RM0.58 and RM0.63. In this case, the downside support is marked at RM0.51, whereby traders may exit on a breach to avoid the risk of a further correction

Trading Call: Buy on breakout RM0.56

Target: RM0.58, RM0.63 (time frame: 2-4 weeks)

Exit: RM0.51

Source: AmInvest Research - 29 Jun 2020