Poly Glass Fibre jumped and tested the RM0.86 resistance level. With its 21-day moving average indicator in an uptrend, coupled with a 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 RM0.89 and RM0.93. The downside support is projected at RM0.80. Traders are advised to exit on a breach to avoid further losses.

Trading Call: Buy near RM0.86

Target: RM0.89, RM0.93 (time frame: 2–4 weeks)

Exit: RM0.80
 

Source: AmInvest Research - 4 Aug 2021