Elsoft Research surged and touched the RM1.03 resistance level. With its RSI indicator pointing upward, 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 RM1.07 and RM1.10. The downside support is projected at RM0.97. Traders are advised to exit on a breach to avoid further losses.

Trading Call: Buy on breakout RM1.03

Target: RM1.07, RM1.10 (time frame: 2-4 weeks)

Exit: RM0.97
 

Source: AmInvest Research - 9 Dec 2021