Ancom surged and touched the RM0.94 resistance level. With the 21-day moving average pointing upwards, coupled with a higher low candlestick pattern, we think that theirs is 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 RM0.97 followed by RM1.00. In this case, the downside support is marked at RM0.885, whereby traders may exit on a breach to avoid the risk of a further correction

Trading Call: Buy on breakout RM0.94

Target: RM0.97, RM1.00 (time frame: 2-4 weeks)

Exit: RM0.885

Source: AmInvest Research - 21 Aug 2020