Thong Guan may be breaking away from consolidation zone, says RHB Retail Research

Thong Guan may be breaking away from consolidation zone, says RHB Retail Research
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KUALA LUMPUR (Nov 26): RHB Retail Research said Thong Guan Industries Bhd may be breaking away from the consolidation zone.

In a trading stocks note on Friday, the research house said the trading volume has been increasing lately, which indicates that buying interest is gaining traction.

“In the event the stock crosses above the immediate resistance of RM2.90, the bullish momentum may ramp up again.

“In this scenario, the stock may travel towards the resistance levels of RM3.05, followed by RM3.29.

“Towards the downside, falling below the RM2.80 support would nullify this expectation,” it said.