Possible for trend reversal. BONIA is potentially staging a breakaway from its downtrend with anticipation of continuous improvement in both momentum and trend in the near term. Should immediate resistance level of RM1.93 be broken with renewed buying interest, it may continue to lift price higher to subsequent resistance level of RM2.03.
However, failure to hold on to support level of RM1.75 may indicate weakness in the share price and hence, a cut-loss signal.
Source: PublicInvest Research - 22 Aug 2023
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