Guan Chong rose and touched the RM2.99 resistance level. With its bullish engulfing candlestick pattern, coupled with a higher trading volume, there is a good chance that it would experience a technical breakout and head towards the short-term target price of RM3.10, followed by RM3.15. The downside support is marked at RM2.88. Traders are advised to exit on a breach to avoid further losses.

Trading Call: Buy near RM2.99

Target: RM3.10, RM3.15 (time frame: 2-4 weeks)

Exit: RM2.88
 

Source: AmInvest Research - 22 Sept 2021