KUALA LUMPUR (Oct 30): RHB Retail Research said Gadang Holdings Bhd has retraced towards the oversold level after it failed to close above the 21-day SMA line.

In a trading stocks note today, the research house said that the trading volume increased during the recent session – it may see a technical rebound if it can test the 38.5 sen resistance level.

“If this happens, it may rebound to the next resistance mark – 40 sen – and followed by 42 sen.

“A downside breach of the 36 sen support level should nullify this expectation and see a further share price correction,” it said.