Leong Hup International Bhd (LHI, 6633)

• Share price closed 1.82% higher at RM0.56 on Monday.

• LHI experienced a gap down in June 2023, hitting a 4-month low at RM0.475. Nonetheless, decentbuying momentum has been observed over the past few trading days, with the RSI moving towards an overbought position. It attempted to break its resistance level at RM0.57 yesterday. Coupled with a bullish MACD crossover, share price is expected to move higher.

• Resistance levels are identified at RM0.57 (R1) and RM0.58 (R2).

• On the flipside, support levels are pegged at RM0.53 (S1) and RM0.52 (S2).

Source: Rakuten Research - 3 Oct 2023

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