Oceancash Pacific (0049)

Oceancash Pacific is moving higher, touching the RM0.89 resistance level. With the RSI indicator pointing upwards, coupled with a higher low candlestick pattern, we think that the bullish momentum will continue to travel towards the short-term target price of RM0.94 followed by RM1.05. In this case, the downside support is marked at RM0.82, whereby traders may exit on a breach to avoid the risk of a further correction

Trading Call: Buy on breakout RM0.89

Target: RM0.94, RM1.05 (time frame: 2-4 weeks)

Exit: RM0.82

Source: AmInvest Research - 3 Aug 2020