Thong Guan's bullish momentum picked up pace, says RHB Retail Research

KUALA LUMPUR (Oct 27): RHB Retail Research said Thong Guan Industries Bhd’s bullish momentum picked up pace after it broke past the RM2.67 resistance.

In a trading stocks note on Thursday (Oct 27), the research house said that since climbing above the 21-day simple moving average line, the stock has been charting a series of “higher highs” with “higher lows”, showing that the bulls are in control now.

“Amid bullish momentum, the stock should climb towards RM2.76, followed by RM2.85.

“Conversely, falling below the RM2.55 support would mean that the bears are taking control,” it said.