DRB-Hicom may climb higher, says RHB Retail Research

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KUALA LUMPUR (Aug 16): RHB Retail Research said DRB-Hicom Bhd may climb higher after posting a long white candle and hitting its new 52-week high.

In a trading stocks note today, the research house said this can be viewed as a continuation of the bulls extending the rebound from Aug 6’s “Piercing Line” pattern.

“A bullish bias may emerge above the RM2.60 level, with an exit set below the RM2.46 threshold.

“Towards the upside, the immediate resistance is at RM2.80 level. This is followed by the RM3.00 level,” it said.