Heng Huat could retest YTD high, says RHB Retail Research

TheEdge Wed, Oct 12, 2022 07:14am - 1 year View Original


KUALA LUMPUR (Oct 12): RHB Retail Research said Heng Huat Resources Group Bhd could retest the YTD high, as it breached the previous resistance of 38 sen last Friday and underwent a mild pullback yesterday to close above that breakout level.

In a trading stocks note today, the research house said if the stock manages to stay above that point, the bulls might drive the stock towards the YTD high of 41.5 sen (recorded on Sept 13), before trending north further towards 46.5 sen – the 4-year high.

“If it falls below the 36 sen support, the stock may undergo a reversal, as it forms a “lower low” bearish pattern below the 21-day average line,” it said.

 

 

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