Parkson may test the multi-month high, as a strong bullish momentum is in effect. The stock has broken past the MYR0.215 resistance on strong volume. While the share price is moving upwards, the trading volume is increasing in tandem as well. Riding on this momentum, the stock should travel towards the next reistance of MYR0.24, followed by MYR0.26. Breaching below the MYR0.20 support would dent market sentiment and kick off a correction phase.
Source: RHB Securities Research - 10 Jul 2023
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Created by rhbinvest | Aug 23, 2024