Sarawak Consolidated Industries consolidated and tested the RM4.38 resistance level. With its RSI indicator pointing upwards, coupled with higher trading volume, we see a possibility for a technical breakout. If this happens, we expect it to move towards the short-term target prices of RM4.53 and RM4.59. The downside support is projected at RM4.23. Traders are advised to exit on a breach to avoid further losses.

Trading Call: Buy near RM4.38

Target: RM4.53, RM4.59 (time frame: 2-4 weeks)

Exit: RM4.23

Source: AmInvest Research - 25 Nov 2020