Rimbunan Sawit surged and tested the RM0.275 resistance level. With its higher low candle stick pattern, coupled with higher trading volume, we see a possibility for a technical breakout. If this happens, we expect it to move towards short-term target prices of RM0.295 and RM0.325. The downside support is projected at RM0.25. Traders are advised to exit on a breach to avoid further losses.

Trading Call: Buy on breakout RM0.275

Target: RM0.295, RM0.325 (time frame: 2-4 weeks)

Exit: RM0.25

Source: AmInvest Research - 12 Oct 2020