Pekat poised to move away from consolidation phase, says RHB Retail Research

TheEdge Thu, Oct 14, 2021 07:58am - 1 month View Original


KUALA LUMPUR (Oct 14): RHB Retail Research said Pekat Group Bhd is poised to move away from the consolidation phase after it attempted to breach the immediate resistance of 80 sen yesterday – supported by strong volume while maintaining its “higher low” structure.

In a trading stocks note today, the research house said if the momentum is renewed above that level, the bulls should drive the stock towards the threshold of 86.5 sen, before possibly hitting the 90.5 sen level.

“That said, this expectation will be cancelled if it falls below the support of 76.5 sen – forming a “lower low” formation,” it said.

 

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