RGT surged and tested the RM0.705 resistance level. With its 21-day moving average in an uptrend, 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 RM0.735 and RM0.77. The downside support is projected at RM0.65. Traders are advised to exit on a breach to avoid further losses.

Trading Call: Buy on breakout RM0.705

Target: RM0.735, RM0.77 (time frame: 2-4 weeks)

Exit: RM0.65
 

Source: AmInvest Research - 12 Jan 2022