Eye On Stock: Lay Hong
LAY HONG Bhd (code: 9385) showed some positive price action in Friday trade as it made another attempt to break out of consolidation mode.
The counter has been moving in a sideways direction since a sharp correction on Nov 27 ended its uptrend and sent the stock falling from a recent high of 49 sen.
Friday’s spike in share price looks to be the most promising attempt at a break out thus far. However, the momentum indicators suggest that the stock is growing at a healthy pace and remains below overbought conditions. As at Friday, it has fallen short of breaking out of the sideways channel, with resistance seen at 39.5 sen. Moving forward, there may be further growth in the share price although some profit-taking may first take place so close to the resistance line.
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