KUALA LUMPUR (Dec 16): RHB Retail Research said Ancom Logistics Bhd is poised to propel northwards after it bounced off the 21-day average line on higher volume on Thursday, hitting the 14 sen immediate resistance level.

In a trading stocks note on Friday (Dec 16), the research house said that if stock manages to surpass above that level, forming a “higher high” bullish pattern, the bullish bias above that level will likely drive the stock higher towards the 16.5 sen resistance, followed by the 20 sen mark.

“Conversely, the stock may reverse direction if it falls below the 12 sen support, forming a 'lower low' bearish structure,” it said.