Kobay Technology climbed and touched the RM6.04 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 RM6.25 and RM6.38. The downside support is projected at RM5.77. Traders are advised to exit on a breach to avoid further losses.

Trading Call: Buy on breakout RM6.04

Target: RM6.25, RM6.38 (time frame: 2-4 weeks)

Exit: RM5.77
 

Source: AmInvest Research - 29 Dec 2021