KUALA LUMPUR (Oct 22): RHB Retail Research said Boustead Holdings Bhd is in the process of breaching above its consolidation phase as it attempted to move past the 60.5 sen immediate resistance on higher trading volume – riding on its “higher low” bullish structure.
In a trading stocks note on Friday, the research house said if the stock manages to breach that level, the bullish momentum may propel the stock towards its August’s high of 63 sen, and then the 69 sen resistance level.
“That said, this expectation will be nullified if it falls below the support level of 58 sen,” it said.