RHB Retail Research says Guan Chong Bhd may rebound further after it tested the MYR2.24 support recently.
In a trading note, the research house says given that the stock has formed a “Hammer” pattern on 4 May, this indicates a potential rebound.
“An upbeat bias may emerge above the MYR2.37 level, with an exit set below the MYR2.24 mark.
“Towards the upside, the immediate resistance is at the MYR2.65 level, followed by the MYR2.78 threshold,” it says.
