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Duopharma’s bullish momentum to continue, says RHB Retail Research

KUALA LUMPUR (May 3): Duopharma Biotech Bhd’s bullish momentum may continue if it breaches the immediate resistance level of RM2.95, said RHB Retail Research.

In a note today, the research house said trading volume is growing in tandem with its share price, which indicated recent strong buying interest.

“If a breakout happens, the stock may climb towards the next resistance level at RM3.10, followed by RM3.20.

“Meanwhile, falling below the RM2.77 support threshold – or below the 21-day SMA line, will reverse this expectation,” it cautioned.

On Friday (April 30), Duopharma closed at RM2.85 with 2.81 million shares traded, giving it a market capitalisation of RM2.01 billion.

Source: TheEdgeMarkets