Rubberex ready to resume uptrend, says RHB Retail Research

KUALA LUMPUR (April 27): RHB Retail Research said Rubberex Corporation (M) Bhd is ready to resume its uptrend as it surpassed the 70 sen immediate resistance on Tuesday on stronger trading volume — forming a “higher high” bullish pattern.

In a trading stocks note on Wednesday (April 27), the research house said if the momentum sustains, buying interest above that point should propel the stock towards the next resistance at the 80 sen threshold, and before hitting the 84.5 sen resistance.

“If it falls below the support level of 66.5 sen, the bullish momentum is likely to lose steam with a 'lower low' bearish formation,” it said.