Bermaz Auto may undergo a technical rebound soon, says RHB Retail Research

TheEdge Fri, Oct 23, 2020 07:40am - 3 years View Original


KUALA LUMPUR (Oct 23): RHB Retail Research said Bermaz Auto Bhd fell into an oversold level, and may undergo a technical rebound soon.

In a trading stocks note today, the research house said that trading volume spiked up during latest session, indicating a strong buying interest near oversold level.

“If it trades above RM1.16 resistance level, we thinks it will moves higher to test the next resistance level of RM1.20, followed by RM1.25.

“A downside breach of the RM1.13 support level would nullify this expectation and the stock will see further price correction,”it said.

 

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