Magni-Tech Industries rose and is poised to touch the RM2.00 resistance level. With its RSI indicator pointing upward, coupled with a bullish engulfing candle stick pattern, there is a good chance that it would experience a technical breakout and head towards the short-term target price of RM2.08, followed by RM2.11. The downside support is marked at RM1.91. Traders are advised to exit on a breach to avoid further losses.

Trading Call: Buy on breakout RM2.00

Target: RM2.08, RM2.11 (time frame: 2-4 weeks)

Exit: RM1.91
 

Source: AmInvest Research - 13 Jan 2022