Pantech is poised to undergo a bullish breakout, and its uptrend may be extended. The stock is testing the immediate resistance of MYR0.875.
RHB Retail Research, in a note today (Sept 11), said if it breaches this point, this will lead to a fresh “higher high” and boost sentiment. In this case, the momentum would propel the stock towards the next resistance levels of MYR0.92 and MYR0.95.
On the flip side, falling below the MYR0.835 support will spark a correction.
MKH is also looming over the resistance level as it tries to extend the bullish trajectory.
Since crossing above the 21-day SMA line, the stock has been travelling upwards on “higher highs” and “higher lows”. If it breaks past the MYR1.40 immediate resistance, this will attract fresh buying pressure.
Expect a follow-through in momentum to lift the stock towards the next resistance levels of MYR1.45 then MYR1.50. In the event the stock drops below the MYR1.33 support, this will negate the bullish setup.
