[The Edge] Tambun Indah Land expected to rebound higher, says RHB Retail Research

By Surin Murugiah

KUALA LUMPUR (Nov 29): RHB Retail Research said Tambun Indah Land Bhd is expected to rebound higher despite the intraday profit taking last Friday since it successfully breached the 72.5 sen immediate resistance that day on strong trading volume, forming a “higher high” bullish pattern.

In a trading stocks note on Tuesday (Nov 29), the research house said since the stock has sustained above the breakout level despite the intraday pullback, the stock is likely to resume an uptrend towards the 81 sen resistance, or Sept 26’s high, followed by the 85 sen level, which was Sept 14’s high.

“The momentum may reverse if it drops below 71 sen, forming a ‘lower low’ bearish pattern, below the average line,” it said.