Recall that on the 14 November, we mentioned that traders should keep a lookout for a bullish reversal on THHEAVY's technical chart. The share price subsequently formed a "Spinning Top" candlestick to kick-start the rebound. Its trading has been particularly choppy in recent weeks, but of central importance is that THHEAVY broke above the congestion zone yesterday. The share price rose 1.5 sen to end at 54 sen. In addition, the share price has also penetrated the upper Bollinger band while the 14-day Stochastic and RSI indicate that the current up-cycle still has further distance to go. Hence, we suggest that traders should continue holding on to the stock for a more meaningful rebound, say towards the October high of 62 sen. Meanwhile, the stop-loss level remains unchanged at 47 sen.
Source: Kenanga
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