Dagang Nexchange rose and tested the RM0.935 resistance level. With its 21-day moving average pointing upward, coupled with a higher low candle stick pattern, we see a possibility for a technical breakout. If this happens, we expect it to move towards the short-term target prices of RM0.98 and RM1.03. The downside support is projected at RM0.865. Traders are advised to exit on a breach to avoid further losses.

Trading Call: Buy near RM0.935

Target: RM0.98, RM1.03 (time frame: 2-4 weeks)

Exit: RM0.865
 

Source: AmInvest Research - 3 Feb 2022