Lion Industries Corp is poised to resume its recent uptrend as it rebounded strongly yesterday from Friday’s pullback. It tested the MYR0.37 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 MYR0.39 next resistance before reclaiming its 4- month high at MYR0.42, ie 2 Aug’s high. The momentum may be reversed if it drops below the strong support of MYR0.33 – trading below the previous major breakout level.
Source: RHB Securities Research - 22 Nov 2022