KUALA LUMPUR (April 19): RHB Retail Research said Key Asic Bhd is expected to kick off a major uptrend from a recent consolidation, after it breached above the immediate resistance yesterday.
In a trading stocks note today, the research house said the “higher low” support formed during the 8-week consolidation period also signals an uptrend.
“A bullish bias has emerged above the 14.5 sen resistance-turned-support level.
“As such, the stock may head north to test the next resistance of 16 sen, followed by 17.5 sen.
“Meanwhile, a reversal below 12.5 sen would negate this expectation,” it said.