Lion Industries poised to resume recent uptrend, says RHB Retail Research

TheEdge Tue, Nov 22, 2022 07:25am - 4 months View Original

KUALA LUMPUR (Nov 22): RHB Retail Research said Lion Industries Corp Bhd is poised to resume its recent uptrend as it rebounded strongly yesterday from Friday’s pullback.

In a trading stocks note today, the research house said that the stock tested the 37 sen immediate resistance while forming a “higher low” bullish structure.

“If it manages to surpass the immediate resistance, the bullish momentum will move the stock higher towards the 39 sen next resistance before reclaiming its 4-month high at 42 sen, ie Aug 2’s high.

“The momentum may be reversed if it drops below the strong support of 33 sen –trading below the previous major breakout level,” it said.

The content is a snapshot from Publisher. Refer to the original content for accurate info. Contact us for any changes.

Related Stocks



Login to comment.