RHB Bank climbed and tested the RM5.47 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 RM5.66 and RM5.75. The downside support is projected at RM5.26. Traders are advised to exit on a breach to avoid further losses.

Trading Call: Buy on breakout RM5.47

Target: RM5.66, RM5.75 (time frame: 2-4 weeks)

Exit: RM5.26
 

Source: AmInvest Research - 11 Jan 2022