KUALA LUMPUR (Sept 6): RHB Retail Research said Choo Bee Metal Industries Bhd is expected to rebound higher towards the multi-year high as it bounced off its recent breakout level of RM2.03 on strong trading volume – indicating that a strong resistance-turned-support has been established.

In a trading stocks note today, the research house said that riding on strong trading interest, the bullish momentum should continue to propel the stock towards the next resistance of RM2.25, followed by the multi-year high of RM2.50.

“Meanwhile, falling below the RM1.97 support – below the 21- day SMA line – would see the direction shift south,” it said.