Leong Hup International Bhd (LHI, 6633)

• Leong Hup broke past its previous resistance at RM0.68 with a strong white Marubozu candle,supported by significantly higher trading volume. This suggests the stock may trend higher, fuelled by a resurgence of buying interest. In view of the EMAs, a bullish crossover occurred two weeks ago, which indicates the likelihood of near-term upside.

• We expect the rising momentum to steer the stock higher and test the next resistance of RM0.74 (R1)followed by RM0.80 (R2) in the near term.

• On the downside, stop-loss is set at RM0.62.
  

Source: Rakuten Research - 20 Sep 2024

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