Thong Guan may rebound higher, says RHB Retail Research

TheEdge Fri, Feb 21, 2020 08:03am - 4 years View Original


KUALA LUMPUR (Feb 21): RHB Retail Research said Thong Guan Industries Bhd may rebound higher after it continued holding above the RM4.00 support.

In a trading stocks note today, the research house said yesterday’s white candle has engulfed the prior one to form a “Bullish Engulfing” pattern, implying a potential rebound.

“A positive bias may emerge above the RM4.10 level, with an exit set below the RM4.00 threshold.

“Towards the upside, the immediate resistance is at the RM4.50 mark, followed by the RM4.80 level,” it said.

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