Guan Chong may rise higher after it formed a long white candle and breached above the MYR3.00 threshold. Yesterday’s candle has sent the stock to its new 52-week high, thereby enhancing the bullish sentiment. A bullish bias may emerge above the MYR3.00 level, with an exit set below the MYR2.80 threshold. Towards the upside, the immediate resistance is at MYR3.30. This is followed by the MYR3.50 level.

Source: RHB Securities Research - 25 Jan 2019