Thong Guan Industries’ bullish momentum picked up pace after it broke past the MYR2.67 resistance. Since climbing above the 21-day SMA line, the stock has been charting a series of “higher highs” with “higher lows”, showing that the bulls are in control now. Amidst bullish momentum, the stock should climb towards MYR2.76, followed by MYR2.85. Conversely, falling below the MYR2.55 support would mean that the bears are taking control.

Source: RHB Securities Research - 27 Oct 2022