RHB Retail Research has indicated that LB Aluminium Bhd, headquartered in Malaysia, has grown to be one of Asia's largest aluminium extrusion manufacturers and is on track for an upward trajectory after rebounding from its support level.
The stock is on track for an upward trajectory after rebounding from its support level. On May 30, 2024, the stock approached the immediate resistance of 59.5 sen, forming a 'White Marubozu' bullish candlestick.
In their May 31, 2024, trading update, the research firm noted that a breakout above this resistance could trigger bullish momentum, potentially pushing the stock higher to the 61.5 sen resistance, with the next target at 65 sen.
Conversely, RHB Retail Research warned that a dip below the 56 sen support level would reverse this momentum, leading to a 'lower low' bearish structure and a downward trading pattern.
Source: https://www.alcircle.com/news/rhb-research-predicts-positive-outlook-for-lb-aluminium-111048
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