Malaysian Bulk Carriers is consolidating and testing the RM0.51 resistance level. With its RSI indicator in an uptrend, 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 RM0.54 and RM0.565. The downside support is projected at RM0.455. Traders are advised to exit on a breach to avoid further losses.

Trading Call: Buy on breakout RM0.51

Target: RM0.54, RM0.565 (time frame: 2-4 weeks)

Exit: RM0.455

Source: AmInvest Research - 16 Feb 2021