Leader Steel Holdings surged and tested the RM0.725 resistance level. With its 21-day moving average 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 RM0.755 and RM0.775. The downside support is projected at RM0.675. Traders are advised to exit on a breach to avoid further losses.

Trading Call: Buy on breakout RM0.725

Target: RM0.755, RM0.775 (time frame: 2-4 weeks)

Exit: RM0.675
 

Source: AmInvest Research - 24 Jun 2021