LGMS set to propel higher, says RHB Retail Research

KUALA LUMPUR (July 25): RHB Retail Research said LGMS Bhd is set to propel higher as it experienced a technical breakout last Friday (July 22) — surpassing the 76 sen resistance level on high volume — forming a “higher high” bullish structure.

In a trading stocks note on Monday, the research house said if the breakout sustains, the bullish bias may propel the stock towards the 84 sen next resistance, followed by 91.5 sen, which was June 9’s high.

“However, the stock’s uptrend movement may reverse if it falls below the 72 sen support — as it may form a 'lower low' bearish pattern to fall towards the 21-day average line,” it said.