Two Stocks with Technical Rebound Potential: Lay Hong and Boustead Hldgs

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Lay Hong

Lay Hong is set to rebound higher from its recent pullback as it bounced off the 21-day average line yesterday while breaching the MYR0.275 resistance, according to the technical analysis report by RHB Research dated 8 July 2022. This was coupled with improved trading volumes. If the breakout sustains, the renewed bullish momentum may propel the stock towards the MYR0.295 next resistance based on 27 Jun’s high. This is followed by MYR0.31 or 23 June’s high. However, Lay Hong may reverse direction if it falls below the MYR0.255 support – forming a “lower low” bearish pattern.

Boustead Holdings

The research house’s technical analysis has cited this counter, as it is set to climb higher towards the 52-week
high after surpassing the MYR0.81 immediate resistance with a “White Marubozu” bullish candlestick yesterday. Coupled with
a “higher high” bullish pattern and surging trading volumes, the stock is expected to propel further towards the MYR0.855
resistance – the 52-week high – and then the MYR0.89 resistance, which was the highest level since Feb 2020. If it falls
below the support level of MYR0.775, Boustead Holdings may trend downwards as it forms a “lower low” bearish structure.

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