Poh Huat Resources Holdings rose and tested the RM1.40 resistance level. With its 21-day moving average in an uptrend, coupled with a higher high candle stick pattern, we see a possibility for a technical breakout. If this happens, we expect it to move towards the short-term target prices of RM1.45 and RM1.48. The downside support is projected at RM1.33. Traders are advised to exit on a breach to avoid further losses.

Trading Call: Buy on breakout RM1.40

Target: RM1.45, RM1.48 (time frame: 2-4 weeks)

Exit: RM1.33

Source: AmInvest Research - 19 Aug 2021