Cahya Mata Sarawak climbed and touched the RM1.48 resistance level. With its 21-day moving average pointing upward, 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 RM1.58, followed by RM1.61. The downside support is marked at RM1.35. Traders are advised to exit on a breach to avoid further losses.

Trading Call: Buy on breakout RM1.48

Target: RM1.58, RM1.61 (time frame: 2-4 weeks)

Exit: RM1.35
 

Source: AmInvest Research - 8 Nov 2021