Nylex set to resume counter-trend rebound, says RHB Retail Research

TheEdge Mon, Jul 04, 2022 07:14am - 1 year View Original


KUALA LUMPUR (July 4): RHB Retail Research said Nylex (Malaysia) Bhd is set to resume its recent counter-trend rebound as it inched higher to breach the 30 sen mark last Friday (July 1) with strong trading volume ⁠— also printing a “White Marubozu” bullish candlestick.

In a trading stocks note on Monday, the research house said if the buying interest sustains, the stock may propel towards the 32.5 sen resistance, or June 29’s high, followed by the 36.5 sen next resistance, which was April 29’s high.

“However, the stock may reverse direction if it falls below the 26.5 sen support ⁠— forming a 'lower low' bearish pattern,” it said.

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