Mesiniaga rose and touched the RM1.54 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 RM1.60 and RM1.63. The downside support is projected at RM1.47. Traders are advised to exit on a breach to avoid further losses.

Trading Call: Buy on breakout RM1.54

Target: RM1.60, RM1.63 (time frame: 2-4 weeks)

Exit: RM1.47
 

Source: AmInvest Research - 22 Dec 2021