Thong Guan Industries may rise higher after posting a long white candle and hitting its new 52-week high. This can be viewed as a continuation of the bulls extending the rebound from 28 Jan’s “Hammer” pattern. A positive bias may emerge above the MYR3.60 level, with an exit set below the MYR3.38 threshold. Towards the upside, the immediate resistance is at MYR4.00. This is followed by the MYR4.30 level.

Source: RHB Securities Research - 31 Jan 2020