Oriental Holdings set to propel northwards, says RHB Retail Research

Oriental Holdings set to propel northwards, says RHB Retail Research
-A +A

KUALA LUMPUR (June 3): RHB Retail Research said Oriental Holdings Bhd is set propel northwards as it surged strongly to breach the RM7.20 immediate resistance on Thursday, coupled with significant trading volume.

In a trading stocks note on Friday (June 3), the research house said the “higher high” bullish structure above that level is expected to drive the stock towards the new high of RM8, before printing another record high at RM8.50.

“However, the stock may move in a downtrend if it falls below the RM6.85 support, as it forms a 'lower low' bearish pattern, below the 21-day average line,” it said.