AwanBiru Technology rebounded and tested the RM0.865 resistance level. With its 21-day moving average 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 RM0.915 and RM0.965. The downside support is projected at RM0.765. Traders are advised to exit on a breach to avoid further losses.

Trading Call: Buy on breakout RM0.865

Target: RM0.915, RM0.965 (time frame: 2-4 weeks)

Exit: RM0.765
 

Source: AmInvest Research - 20 Sept 2021