Lagenda Properties retraced and tested the RM1.58 support level. With its 21-day moving average indicator in an uptrend, coupled with a higher low candle stick pattern, we see a possibility for a technical rebound. If this happens, we expect it to move towards the short-term target prices of RM1.64 and RM1.69. The downside support is projected at RM1.49. Traders are advised to exit on a breach to avoid further losses.

Trading Call: Buy near RM1.58

Target: RM1.64, RM1.69 (time frame: 2-4 weeks)

Exit: RM1.49
 

Source: AmInvest Research - 13 Oct 2021