Kim Loong Resources jumped and tested the RM1.50 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 RM1.56 and RM1.58. The downside support is projected at RM1.44. Traders are advised to exit on a breach to avoid further losses.

Trading Call: Buy near RM1.50

Target: RM1.56, RM1.58 (time frame: 2-4 weeks)

Exit: RM1.44

Source: AmInvest Research - 4 May 2021