Leong Hup International Bhd (LHI, 6633)

• LHI is on the verge of a bullish breakout from its U-shaped recovery pattern, aiming to surpass theimmediate resistance at RM0.67. With the stock pulling further away from all EMAs with its third consecutive white candles, a positive outlook is anticipated. Additionally, the supportive technical indicators in the RSI and improving EMAs further suggest a likelihood of a technical breakout.

• In the event it breaks above the RM0.67 neckline, this will improve buying sentiment and lift the stocktowards the subsequent level of RM0.705 (R1), followed by RM0.775 (R2).

• On the downside, stop-loss is set at RM0.60, below the 27 June’s low.
  

Source: Rakuten Research - 16 Jul 2024

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