Iconic Worldwide is consolidating, and is poised to test the RM0.52 resistance level. With its RSI indicator pointing upwards, coupled with a higher low candle stick pattern, we see a possibility for a technical breakout. If this happens, we expect it to move towards the short-term target prices of RM0.55 and RM0.58. The downside support is projected at RM0.48. Traders are advised to exit on a breach to avoid further losses.

Trading Call: Buy on breakout RM0.52

Target: RM0.55, RM0.58 (time frame: 2-4 weeks) Exit: RM0.48

Source: AmInvest Research - 9 Nov 2020