Sector: Steel

Analysed on 04/09/21

Following our sharing on PRESTAR last week, PRESTAR has been actively traded and successfully broke the resistance at RM0.755. PRESTAR is currently trading at its next resistance of RM0.780, with immediate support at RM0.755. Should PRESTAR breaks RM0.780, it will challenge the next resistance at RM0.800.

Most steel related counters have been traded with momentum this week, which include PRESTAR. Both EMA25 and EMA50 are sloping upward indicating that PRESTAR is on an uptrend rally. We are in opinion that it could be risky to enter now as the current price is a bit far from EMA25. Investor may need to wait for retracement and take EMA25 as reference for entry point.

Reason to Monitor: Technical Breakout

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NOTT INVEST

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