KUALA LUMPUR (July 27): RHB Retail Research said Bonia Corp Bhd is poised to resume the uptrend reversal as it rebounded strongly following the recent pullback, heading towards the RM2.31 immediate resistance with a “White Marubozu” bullish candlestick.

In a trading stocks note on Wednesday (July 27), the research house said if the stock manages to move past the immediate resistance, the bulls are expected to propel the stock towards the next resistance at RM2.58 or June 16’s high. This is before heading towards the RM2.86 next resistance, i.e. the high of June 8’s high.

“If it falls below the support level of RM2.04, the bullish momentum may reverse as it forms a 'lower low' bearish pattern,” it said.