BCM Alliance moved higher to test the RM0.355 resistance level with higher trading volume. Given that the 21-day moving average is pointing upwards, coupled with higher low candlestick patterns, we believe that the bullish momentum may continue to climb towards the short-term target prices of RM0.38 and RM0.42. The downside support is anticipated at RM0.30, whereby traders may exit on a breach to avoid the risk of a further correction

Trading Call: Buy on breakout RM0.355

Target: RM0.38, RM0.42 (time frame: 2-4 weeks)

Exit: RM0.30

Source: AmInvest Research - 21 Aug 2020