KUALA LUMPUR (Aug 28): RHB Retail Research said Magnum Bhd may climb higher after forming a white candle and hitting its new 52-week high.

In its trading stocks note today, the research house said in view that the 21-day SMA line is likely to begin turning upwards, this implies a positive outlook sentiment.

“A positive bias may emerge above the RM2.80 level, with an exit set below the RM2.66 threshold.

“Towards the upside, the immediate resistance is at the RM2.90 level. This is followed by the RM3.00 level,” it said.