Press Metal Aluminium Holdings jumped and touched the RM5.15 resistance level. With higher trading volume sighted, coupled with higher low candlestick pattern, we see that there is a possibility it will experience a technical breakout. If this happens, expect it to travel towards the short-term target prices of RM5.40 and RM5.70. The downside support is anticipated at RM4.85, whereby traders may exit on a breach to avoid the risk of a further correction

Trading Call: Buy on breakout RM5.15

Target: RM5.40, RM5.70 (time frame: 2-4 weeks)

Exit: RM4.85

Source: AmInvest Research - 25 Aug 2020