KUALA LUMPUR (Dec 2): RHB Retail Research said Coastal Contracts Bhd is set to initiate an upward rebound, as it bounced off its immediate resistance of 94 sen – following the recent “Bullish Engulfing” reversal pattern.

In a trading stocks note on Thursday (Dec 2), the research house said if the stock manages to stay above that level, it may hit the psychological level RM1.00, before possibly reaching the next threshold of RM1.08 – beneath its 21-day average line.

“However, falling below the 82.5 sen support – writing-off the bullish reversal pattern – may see the stock descending further,”it said.