Guan Chong’s buying momentum may have returned after it rose above the 21-day SMA line. Yesterday’s white candle can be regarded as a continuation of the rebound that started off 3 Feb’s “Hammer” pattern. A positive bias may emerge above the MYR3.00 level, with an exit set below the MYR2.82 mark. Towards the upside, the immediate resistance is at the MYR3.26 level, followed by the MYR3.50 threshold.
Source: RHB Securities Research - 5 Feb 2020
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Created by rhboskres | Aug 26, 2024