Sarawak Consolidated Industries may soon move higher to test the RM2.93 resistance level. Observed that the 21- day moving average trend indicator is pointing upwards, and coupled with higher trading volume, these indicate that there is a possibility it will experience a technical breakout. If this happens, expect it to climb towards the short-term target prices of RM3.08 and RM3.33. The downside support is anticipated at RM2.68, whereby traders may exit on a breach to avoid the risk of a further correction

Trading Call: Buy on breakout RM2.93
Target: RM3.08, RM3.33 (time frame: 2-4 weeks)
Exit: RM2.68

Source: AmInvest Research - 7 Aug 2020