KUALA LUMPUR (Dec 12): RHB Retail Research said Cengild Medical Bhd is set to undergo a technical rebound as it bounced off the 21-day average line and breached the 46.5 sen resistance level last Friday on higher trading volume, thereby forming a “higher low” bullish pattern.

In a trading stocks note on Monday (Dec 12), the research house said that the bullish bias above that level may lift the stock higher towards the 50 sen threshold, then 55 sen or Sept 15’s high.

“Conversely, the stock may reverse direction towards the average line if it falls below the 44.5 sen support, forming a 'lower low' bearish structure beneath the average line,” it said.