RHB Retail Research: Thong Guan Industries may climb higher

RHB Retail Research says Thong Guan Industries Bhd may climb higher after it formed a second consecutive white candle.

In a trading note, the research house says this can be viewed as a continuation of the bulls extending the rebound from 22 Apr’s “Bullish Engulfing” pattern.

“An upbeat bias may emerge above the MYR3.30 level, with an exit set below the MYR3.00 mark.

“Towards the upside, the immediate resistance is at the MYR3.62 level, followed by the MYR3.88 threshold.,” it says.

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