Nestcon in the midst of scaling upwards further, says RHB Retail Research

Nestcon in the midst of scaling upwards further, says RHB Retail Research
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KUALA LUMPUR (April 18): RHB Retail Research said Nestcon Bhd is in the midst of scaling upwards further as it bounced off its 21-day average line for three consecutive sessions last week, followed by a mild pullback last Friday — closing above the average line.

In a trading stocks note on Monday (April 18), the research house said if the buying momentum re-emerges and pushes it past the resistance of 53.5 sen, the stock may travel towards the recent high of 56 sen, followed by 60 sen.

“Conversely, a fall below the 50 sen support will trigger selling pressure, and pull the stock further below the 21-day average line,” it said.