KUALA LUMPUR (Dec 15): RHB Retail Research said Kossan Rubber Industries Bhd is poised for an upward surge following a technical breakout above the RM1.77 resistance on Thursday, as evidenced by a "Bullish Marubozu" candlestick.
In a trading stocks note on Friday, the research house said that supported by a significant increase in trading volume, the bullish momentum is expected to propel the stock towards the RM2 mark, with the next resistance at RM2.22.
“Conversely, a decline below the RM1.60 support would indicate a potential downtrend,” it said.