KUALA LUMPUR (Nov 8): RHB Retail Research said Thong Guan Industries Bhd may trend higher after it formed a long white candle and hit its new 52-week high.

In a trading stocks note today, the research house said this could be viewed as a continuation of the bulls extending the rebound from the Oct 23’s “Hammer” pattern.

“A positive bias may emerge above the RM2.95 level, with an exit set below the RM2.72 threshold.

“Towards the upside, the immediate resistance is at RM3.20. This is followed by the RM3.37 level,” it said.