Guan Chong formed a long white candle, indicating that the momentum of buying could be strong. Yesterday’s close sent the stock to its new 52-week high, thereby enhancing the bullish sentiment. A bullish bias may emerge above the MYR3.86 level, with an exit set below the MYR3.62 threshold. Towards the upside, the immediate resistance is at MYR4.30. This is followed by the MYR4.50 level.

Source: RHB Securities Research - 23 Apr 2019