Powerwell Holdings is moving sideways and testing the RM0.255 resistance level. With its RSI indicator pointing upwards, 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 RM0.27 and RM0.285. The downside support is anticipated at RM0.24, whereby traders may exit on a breach to avoid the risk of a further correction

Trading Call: Buy on breakout RM0.255

Target: RM0.27, RM0.285 (time frame: 2-4 weeks)

Exit: RM0.24

Source: AmInvest Research - 30 Sept 2020