Orgabio in process of rebounding, says RHB Retail Research

TheEdge Thu, Nov 17, 2022 07:48am - 1 year View Original


KUALA LUMPUR (Nov 17): RHB Retail Research said Orgabio Holdings Bhd is in the process of rebounding above the 21-day average line, as it managed to reclaim the level above this line recently – forming a “higher low” bullish pattern above its support level.

In a trading stocks note on Thursday (Nov 17), the research house said if the stock moves past the 30 sen threshold in the coming sessions, it expects the stock to continue its positive rebound towards the 32 sen resistance or Oct 28’s high, followed by the next resistance level at 34 sen (Sept 30’s high).

“Momentum may reverse if it drops below the 28.5 sen strong support level, forming a 'lower low' bearish structure below the average line,” it said.

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