Naim Holdings climbed higher to test the RM1.02 resistance level. With the RSI indicator pointing upwards, coupled with high trading volume, we believe that there could be a technical breakout above the resistance level. If this happens, it will travels towards the short-term target prices of RM1.06 followed by RM1.15. In this case, the downside support is marked at RM0.93, whereby traders may exit on a breach to avoid the risk of a further correction
Trading Call: Buy on breakout RM1.02
Target: RM1.06, RM1.15 (time frame: 2-4 weeks)
Exit: RM0.93
Source: AmInvest Research - 15 Jul 2020
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