KUALA LUMPUR (Aug 23): RHB Retail Research said VS Industry Bhd pulled back from its recent top, and may be eyeing a rebound near the support level of RM1.

In a trading stocks note on Tuesday (Aug 23), the research house said that RM1 was a bullish breakout point, and has become a strong support.

It said if the stock breaches the RM1 mark, it may drop further towards the next support of 93 sen.

“Despite a mild correction, we think the bulls are still in control, as the stock is above the 21-day simple moving average line.

“It may resume the upside movement by pushing upwards past the RM1.07 resistance.

“If this happens, it should then travel towards the higher resistance of RM1.15,” it said.