Resintech set to climb towards all-time high, says RHB Retail Research

Resintech set to climb towards all-time high, says RHB Retail Research
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KUALA LUMPUR (March 2): RHB Retail Research said Resintech Bhd is set to climb towards its all-time high after it bounced and breached the immediate resistance of 98 sen yesterday, on strong volume.

In a trading stocks note today, the research house said as the “higher high” bullish pattern was seen – coupled with a “White Marubozu” candlestick – this signals that the follow-through bullish momentum is likely to occur.

“As such, the stock is expected to reclaim the all-time high of RM1.05, before printing a new high of RM1.10.

“Conversely, falling below the immediate support of 90.5 sen may trigger the resumption of a downward correction, thereby sparking a “lower low” bearish pattern,” it said.