RHB Retail Research: JAKS Resources may rebound higher

RHB Retail Research says JAKS Resources Bhd may rebound higher after it continued holding above the MYR1.00 support.

In a trading note, the research house says given that it has formed a long white candle above the rising 21-day SMA line, this means that the bullish sentiment has been enhanced.

“An upbeat bias may emerge above the MYR1.08 level, with an exit set below the MYR1.00 mark.

“Towards the upside, the immediate resistance is at the MYR1.26 level, followed by the MYR1.34 threshold,” it says.

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