Leong Hup International Bhd (6633)

• LHI rose 3.48% or 3 sen to RM0.89 yesterday.

• Yesterday’s long white candle saw a bullish breakout on improved trading volume, reversing its consolidation mode since emerging from its all time low of RM0.72.

• The bullish breakout on stronger buying momentum coupled with positive technical indicator signal, we expect share price to rebound higher possibly testing the RM1.00 level.

• From here, resistance levels are expected at RM0.91(R1) and next is seen at RM0.95 (R2).

• Conversely, support levels are found at RM0.82 (S1) and RM0.80 (S2).

Source: Rakuten Research - 4 Oct 2019