KUALA LUMPUR (May 14): RHB Retail Research said Tasco Bhd (KL:TASCO) is poised for an uptrend reversal after rebounding above the 21-day simple moving average line while recently testing the 88 sen immediate resistance on strong volume.
In a note on Tuesday, the research house said that if a breakout above that level occurs, it expects the positive momentum to drive the stock higher towards the 95.5 sen resistance or April 18, 2023’s high.
“This is followed by the RM1.04 next resistance, ie Feb 8, 2023’s high.
“On the flip side, falling below the 83 sen support negates the bullish setup,” it said.