Thong Guan Industries may rise higher after forming a long white candle and breaching above the MYR4.00 threshold. Last Friday’s candle has sent the stock to its new 52-week high, thereby enhancing the positive sentiment. A bullish bias may emerge above the MYR4.10 level, with an exit set below the MYR3.85 mark. Towards the upside, the immediate resistance is at the MYR4.50 level, followed by the MYR5.00 threshold.

Source: RHB Securities Research - 17 Feb 2020