KUALA LUMPUR (June 15): RHB Retail Research said Guan Chong Bhd is set to rebound higher from its recent pullback after opening lower near the 21-day average line on Tuesday.
In a trading stocks note on Wednesday (June 15), the research house however said the stock bounced off strongly to breach Monday’s high of RM2.50 — forming a “Bullish Engulfing” candlestick pattern.
“If the buying interest persists, it is expected to climb further towards the recent high of RM2.63 and followed by RM2.73.
“If it falls below the RM2.43 support, the stock may trend downwards below the average line,” it said.