Cengild Medical set to resume rebound, says RHB Retail Research

TheEdge Mon, Oct 31, 2022 07:43am - 2 months View Original


KUALA LUMPUR (Oct 31): RHB Retail Research said Cengild Medical Bhd is set to resume its rebound as it climbed and surpassed the immediate resistance of 48.5 sen, forming a “higher high” bullish pattern last Friday.

In a trading stocks note on Monday (Oct 31), the research house said that if the stock manages to stay above that level, the bulls should push the stock towards the next resistance of 55 sen ie Sept 15’s high, followed by the historical high of 58 sen.

“However, the bullish reversal may lose steam if it falls below the 45.5 sen support, heading south below the 21-day average line,” it said.

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