AmInvest Research Reports
Stocks on Radar - Guan Chong (5102)
AmInvest
Publish date: Wed, 01 Jul 2020, 09:39 AM
AmInvest
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All materials published here are prepared by AmInvest. For latest offers on AmInvest trading products and news, please refer to: https://www.aminvest.com/eng/Pages/home.aspx
Tel: +603 2036 1800 / +603 2032 2888
Fax: +603 2031 5210
Email: enquiries@aminvest.com
Office Hours
Monday to Thursday: 8:45am – 5:45pm
Friday: 8:45am – 5:00pm
(GMT +08:00 Malaysia)
Guan Chong rebounded from its low and may move higher to test the RM2.70 resistance level. With the RSI indicator above the 50% threshold, coupled with higher trading volume, there is a possibility it will experience a technical breakout if it trades above the resistance level. If this happens, expect it to travel towards the short-term target price of RM2.80 followed by RM2.91. In this case, the downside support is marked at RM2.53, whereby traders may exit on a breach to avoid the risk of a further correction
Trading Call: Buy on breakout RM2.70
Target: RM2.80, RM2.91 (time frame: 2-4 weeks)
Exit: RM2.53
Source: AmInvest Research - 1 Jul 2020
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