AppAsia jumped and tested the RM0.33 resistance level. Given the 21-day moving average’s uptrend, coupled with the bullish white candlestick pattern, these show a strong rebound and it may break out from the resistance level. If this happens, expect it to travel towards the short-term target prices of RM0.35 and RM0.37. The downside support is anticipated at RM0.295, whereby traders may exit on a breach to avoid the risk of a further correction

Trading Call: Buy on breakout RM0.33

Target: RM0.35, RM0.37 (time frame: 2-4 weeks)

Exit: RM0.295

Source: AmInvest Research - 8 Jul 2020