Cahya Mata Sarawak continued to climb and tested the RM1.88 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 RM2.02 and RM2.16. The downside support is projected at RM1.74. Traders are advised to exit on a breach to avoid further losses.

Trading Call: Buy on breakout RM1.88

Target: RM2.02, RM2.16 (time frame: 2-4 weeks)

Exit: RM1.74

Source: AmInvest Research - 3 Dec 2020