Dancomech set for technical rebound, says RHB Retail Research

Dancomech set for technical rebound, says RHB Retail Research
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KUALA LUMPUR (Sept 10): RHB Retail Research said Dancomech Holdings Bhd is set for a technical rebound as it bounced off from the recent pullback and breached the immediate resistance of 60 sen on strong trading volume – forming a long white candlestick.

In a trading stocks note today, the research house said if the stock sustains above that level, the buying momentum may propel the stock towards the   next resistance at 64.5 sen, followed by 68.5 sen.

“However, if it falls below the 55 sen support level – forming a “lower low” pattern – this expectation will be cancelled,” it said.