KUALA LUMPUR (June 5): RHB Retail Research said DXN Holdings Bhd (KL:DXN) is set to see an uptrend reversal after bouncing off the 21-day simple moving average line and testing the 66 sen immediate resistance level on Tuesday.
In a trading stocks note on Wednesday, the research house said that if a breakout occurs above this level, bullish momentum may propel the stock towards the 72 sen resistance, and then towards the next resistance level at 77 sen.
“However, a fall below the 63.5 sen support level would reverse the momentum, as the counter would move downwards to form a 'lower low' bearish structure,” it said.