Iris Corporation consolidated and tested the RM0.36 resistance level. With its 21-day moving average 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 RM0.375 and RM0.395. The downside support is projected at RM0.345. Traders are advised to exit on a breach to avoid further losses.
Trading Call: Buy on breakout RM0.36
Target: RM0.375, RM0.395 (time frame: 2-4 weeks)
Exit: RM0.345
Source: AmInvest Research - 7 Dec 2020
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Created by AmInvest | Jul 26, 2024