Bursa Malaysia surged past the RM7.65 resistance level with higher trading volume. With the RSI indicator pointing upwards, there is a possibility the bullish momentum will continue to travel towards the short-term target prices of RM8.05 and RM8.40. If it dips below RM7.65, expect sideways consolidation again. The downside support is anticipated at RM7.25, whereby traders may exit on a breach to avoid the risk of a further correction

Trading Call: Buy on breakout RM7.65

Target: RM8.05, RM8.40 (time frame: 2-4 weeks)

Exit: RM7.25

Source: AmInvest Research - 3 Jul 2020