Coastal Contracts rose and touched the RM1.65 resistance level. With its 21-day moving average pointing upward, coupled with a higher low candle stick pattern, there is a good chance that it would experience a technical rebound and head towards the short-term target price of RM1.77, followed by RM1.84. The downside support is marked at RM1.48. Traders are advised to exit on a breach to avoid further losses.

Trading Call: Buy on pullback RM1.65

Target: RM1.77, RM1.84 (time frame: 2-4 weeks)

Exit: RM1.48
 

Source: AmInvest Research - 28 Jan 2022