Malaysian Bulk Carriers climbed and touched the RM0.71 resistance level with higher trading volume. With its 21-day moving average indicator pointing upwards, coupled with a higher high candlestick pattern, there is a good chance that it would experience a technical breakout and head towards the short-term target price of RM0.75, followed by RM0.785. The downside support is marked at RM0.645. Traders are advised to exit on a breach to avoid further losses.

Trading Call: Buy on breakout RM0.71

Target: RM0.75, RM0.785 (time frame: 2-4 weeks)

Exit: RM0.645

Source: AmInvest Research - 4 May 2021