Media Prima consolidated and tested the RM0.60 resistance level. With its RSI indicator in an uptrend, coupled with sustainable 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 RM0.635 and RM0.665. The downside support is projected at RM0.535. Traders are advised to exit on a breach to avoid further losses.

Trading Call: Buy on breakout RM0.60

Target: RM0.635, RM0.665 (time frame: 2-4 weeks)

Exit: RM0.535

Source: AmInvest Research - 12 May 2021