Axiata Group is moving sideways and poised to test the RM2.76 resistance level. With its RSI pointing upwards, coupled with sustainable trading volume, we see a possibility for a technical rebound. If this happens, we expect it to move towards the short-term target prices of RM2.86 and RM2.90. The downside support is projected at RM2.66. Traders are advised to exit on a breach to avoid further losses.

Trading Call: Buy on breakout RM2.76

Target: RM2.86, RM2.90 (time frame: 2-4 weeks)

Exit: RM2.66

Source: AmInvest Research - 23 Oct 2020