Thursday, October 03, 2019
LHI: Rally Starting
Leong Hup International Bhd ('LHI') was listed with much fanfare in May at an IPO price of RM1.10. Unfortunately the share price dropped over the next 3 months after its listing to make a low of RM0.72 in August. Since then, it has risen and broken above its downtrend line.
Today, it has just broken above the high recorded in the August rally of RM0.865. At this moment, LHI is trading at RM0.88. If this rally can recruit enough support, the share price may go to RM0.95-1.00.
The set-up and bullish breakout look tradable. It takes a tough mind to trade in this challenging market, but if you have what it takes to do it, and you're going in, I wish you all the best of luck!
Chart: LHI's daily chart as at Oct 3, 2019 (Source: Malaysiastock.biz)