BP Plastics Holding is consolidating and poised to test the RM1.44 resistance level. With the 21-day moving average pointing upwards, coupled with higher trading volume, we think that there’s a possibility it will break out from the resistance soon. If this happens, expect the bullish momentum to travel towards the short-term target price of RM1.49 followed by RM1.54. In this case, the downside support is marked at RM1.35, whereby traders may exit on a breach to avoid the risk of a further correction

Trading Call: Buy on breakout RM1.44
Target: RM1.49, RM1.54 (time frame: 2-4 weeks)
Exit: RM1.35

Source: AmInvest Research - 28 Jul 2020