RHB Retail Research
Trading Stocks - Thong Guan Industries
Thong Guan Industries is undergoing a pullback as it retraced below the support-turned-resistance level of MYR2.78 yesterday, with tapering volume. If a breakout re-emerges above that level, the bullish momentum may propel the stock towards the recent high of MYR2.97, then to the 52-week high of MYR3.29. This expectation will be nullified if it falls below the support level of MYR2.69 – which is below the 21-day average line.
Source: RHB Securities Research - 2 Nov 2021
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