KUALA LUMPUR (April 4): RHB Retail Research said Lay Hong Bhd is set to trend higher after rebounding above the 21-day simple moving average (SMA) line — recently surpassing the 41 sen immediate resistance with strong volume.

In a trading stocks note on Thursday, the research house said that sustained bullish momentum above this level should propel the stock towards the 44.5 sen recent high, followed by the 50 sen next resistance.

“However, a fall below the 38 sen support increases the risk of a reversal towards a downtrend, particularly if it falls below the SMA line,” it said.