RHB Retail Research
Trading Stocks - Thong Guan Industries
Thong Guan Industries may continue its uptrend after it managed to bounce off the 21-day SMA line. Coupled with strong volume and a “higher low” price pattern, the bullish bias is expected to appear above the MYR2.60 immediate resistance level. If the breakout happens, it may test the next resistance levels of MYR2.68 and MYR2.80. A drop below the MYR2.50 support level may change its direction.
Source: RHB Securities Research - 18 May 2021
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