Wong Engineering Corporation climbed and touched the RM0.70 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 RM0.725 and RM0.75. The downside support is projected at RM0.66. Traders are advised to exit on a breach to avoid further losses.
Trading Call: Buy on breakout RM0.70
Target: RM0.725, RM0.75 (time frame: 2-4 weeks)
Exit: RM0.66
Source: AmInvest Research - 28 Dec 2021
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