EG Industries climbed and touched the RM0.57 resistance level. With its RSI indicator pointing upward, coupled with a higher low candle stick pattern, there is a good chance that it would experience a technical breakout and head towards the short-term target price of RM0.595, followed by RM0.61. The downside support is marked at RM0.53. Traders are advised to exit on a breach to avoid further losses.

Trading Call: Buy on breakout RM0.57

Target: RM0.595, RM0.61 (time frame: 2-4 weeks)

Exit: RM0.53
 

Source: AmInvest Research - 17 Nov 2021