Sector: Steel

Analysed on 29/08/21

PRESTAR seems to have found the bottom after being on a correction since early of May from their peak above RM0.900. PRESTAR is currently trading at RM0.715, with immediate support at RM0.700, and immediate resistance at RM0.755. Note that golden cross (EMA25 moves above EMA50) has just occurred this week, which indicate that PRESTAR could begin another uptrend rally. We believe that the reversal of share price could be driven by the government’s decision to allow factory to resume operation recently. Investor who is interested in this counter can take support level as reference for entry point.

Reason to Monitor: Golden Cross / Reversal to Uptrend

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