Pelikan International Corporation rose and touched the RM0.475 resistance level. With its 21-day moving average pointing upward, coupled with a higher low candle stick pattern, there is a good chance that it would experience a technical breakout and head towards the short-term target price of RM0.50, followed by RM0.52. The downside support is marked at RM0.43. Traders are advised to exit on a breach to avoid further losses.
Trading Call: Buy on breakout RM0.475
Target: RM0.50, RM0.52 (time frame: 2-4 weeks)
Exit: RM0.43
Source: AmInvest Research - 7 Sept 2021
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Created by AmInvest | Mar 27, 2024