PROPERTY NEWS: Axis REIT is expected to reach a new record high, according to RHB Retail Research

Key takeaway: 

Following a recent retreat and a rebound above the previous breakout level of RM1.92, according to RHB Retail Research, Axis REIT is poised to reclaim its historical high, solidifying its positive bias above the breakout level.

The research firm stated in a trading stocks note on Friday, June 10 that if strong momentum above this level continues, it could push the stock above the RM2.07 historical high and then to a new high of RM2.10.

However, it added, "the stock may change direction if it declines below the RM1.88 support level, producing a bearish 'lower low' pattern.

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