KUALA LUMPUR (Dec 5): RHB Retail Research said LGMS Bhd is set to propel higher towards its historical high as it breached the immediate resistance of RM1.31 last Thursday and pullback mildly last Friday, sustaining the “higher high” bullish pattern above the 21-day average line.

In a trading stocks note on Monday (Dec 5), the research house said that if the stock stays above that level, the bullish bias would drive the stock further towards the historical high of RM1.45, before possibly printing a new high of RM1.50.

“Conversely, the stock may reverse direction if it falls below the RM1.22 support, forming a 'lower low' bearish structure beneath the average line,” it said.