Pecca Group
Pecca, according to RHB Research’s technical analysis report (Nov 1), is set to resume its upward rebound as it inched up and crossed above the MYR0.875 immediate resistance level yesterday – forming a “higher high” bullish pattern. If it manages to sustains above that level, the bulls are expected to propel higher towards the 52-week high of MYR0.935, before testing the MYR1.00 psychological level. However, the bullish momentum may reverse if it falls below the MYR0.83 support, heading southwards as it crosses below the 21-day average line.
Nestcon
This counter is eyeing to rebound above the sideways consolidation phase as it gradually inched higher recently to draw the candlestick above the 21-day average line – heading towards the MYR0.445 nearest resistance. Coupled with the “higher low” bullish pattern above the average line, the surging trading volume yesterday may signal strong buying interest following through in the coming sessions. If it manages to break above the immediate resistance level, the stock may propel higher towards the MYR0.50 threshold, followed by the next resistance level at MYR0.55. If it falls below the MYR0.415 support, the bullish momentum would reverse, as it forms a “lower low” bearish pattern beneath the average line.
