Axis Real Estate Investment Trust jumped and tested the RM2.04 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 RM2.11 and RM2.16. The downside support is projected at RM1.97. Traders are advised to exit on a breach to avoid further losses.

Trading Call: Buy on breakout RM2.04

Target: RM2.11, RM2.16 (time frame: 2-4 weeks)

Exit: RM1.97

Source: AmInvest Research - 22 Jan 2021