Bursa Malaysia is set to resume its uptrend after breaking above the MYR6.86 previous immediate resistance yesterday on higher trading volume.
RHB Retail Research, in a note today (Aug 11), said if the breakout sustains, the stock may climb towards the MYR7.30 resistance, followed by the MYR7.80 next resistance.
However, falling below the MYR6.60 support would indicate a reversal in trend (towards the south), as it forms a “lower low” bearish pattern, trading below the 21- day SMA line.
Pestech International is likely to resume its uptrend reversal pattern, as it climbed above the MYR0.275 breakout level recently, sustaining above it and the 21-day SMA line until yesterday.
The bullish bias above that level may lead the stock trend higher towards the MYR0.34 resistance, followed by the MYR0.40 mark.
A fall below the MYR0.24 support, forming a fresh “lower low” bearish pattern, would dent sentiment and spark a downtrend.
