RHB Retail Research
Trading Stocks - Thong Guan Industries
Thong Guan Industries is poised to move away from the 3- month consolidation zone, as it is testing the immediate resistance point of MYR2.82 on strong trading volume. If a breakout happens, the positive momentum will lift the stock towards the next resistance of MYR3.20 before reaching the historical high of MYR3.35. However, falling below the MYR2.65 support – forming a “lower low” bearish pattern – may trigger a downtrend.
Source: RHB Securities Research - 2 Sept 2021
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