Nestcon resuming its uptrend, says RHB Retail Research

Nestcon resuming its uptrend, says RHB Retail Research
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KUALA LUMPUR (March 28): RHB Retail Research said Nestcon Bhd is resuming its uptrend after bouncing above the immediate resistance of MYR0.505 on strong trading volume – and printing a “higher high” bullish pattern above the 21-day average line.

In a trading stocks note on Monday (March 28), the research housed said if the bullish momentum sustains above this level, the bulls may propel the stock towards the 58 sen resistance level, followed by the next resistance of 60 sen.

“However, momentum may lose steam if it falls below 47 sen, printing a 'lower low' bearish pattern below the average line,” it said.