RHB Retail Research

Trading Stocks - Resintech

rhboskres
Publish date: Wed, 02 Mar 2022, 10:26 AM
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RHB Retail Research

Resintech is set to climb towards its all-time high after it bounced and breached the immediate resistance of MYR0.98 yesterday, on strong volume. As the “higher high” bullish pattern was seen – coupled with a “White Marubozu” candlestick – this signals that the follow-through bullish momentum is likely to occur. As such, the stock is expected to reclaim the all-time high of MYR1.05, before printing a new high of MYR1.10. Conversely, falling below the immediate support of MYR0.905 may trigger the resumption of a downward correction, thereby sparking a “lower low” bearish pattern.

Source: RHB Securities Research - 2 Mar 2022

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