Techbond Group surged and tested the RM0.525 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 short-term target prices of RM0.55 and RM0.57. The downside support is projected at RM0.48. Traders are advised to exit on a breach to avoid further losses.

Trading Call: Buy on breakout RM0.525

Target: RM0.55, RM0.57 (time frame: 2-4 weeks)

Exit: RM0.48
 

Source: AmInvest Research - 6 Aug 2021