Wednesday 31 May 2023
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KUALA LUMPUR (Nov 22): RHB Retail Research said Lion Industries Corp Bhd is poised to resume its recent uptrend as it rebounded strongly yesterday from Friday’s pullback.

In a trading stocks note today, the research house said that the stock tested the 37 sen immediate resistance while forming a “higher low” bullish structure.

“If it manages to surpass the immediate resistance, the bullish momentum will move the stock higher towards the 39 sen next resistance before reclaiming its 4-month high at 42 sen, ie Aug 2’s high.

“The momentum may be reversed if it drops below the strong support of 33 sen –trading below the previous major breakout level,” it said.

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