Malayan Flour Mills is moving sideways, testing the RM0.955 resistance level. With its 21-day moving average indicator in an uptrend, we see a possibility for a technical rebound. If this happens, we expect it to move towards the short-term target prices of RM0.995 and RM1.02. The downside support is projected at RM0.895. Traders are advised to exit on a breach to avoid further losses.

Trading Call: Buy on pullback RM0.955

Target: RM0.995, RM1.02 (time frame: 2-4 weeks)

Exit: RM0.895

Source: AmInvest Research - 13 Apr 2021