KUALA LUMPUR (May 9): RHB Retail Research said Wah Seong Corp Bhd is poised to resume its upside movement after it rebounded strongly with high trading volume.

In a trading stocks note on Monday (May 9), the research house said that the stock has climbed above the 21-day simple moving average line, suggesting the correction phase is ending while the bullish momentum is picking up pace.

“If the stock breaks past the 80 sen resistance level, the momentum may accelerate towards 86 sen, followed by 92 sen.

“In the event it falls below the 74 sen support, the stock will resume the downside correction,” it said.