PESTECH

Sector: Industrial Products/ electrical power technology 

Analyzed on 31 Dec 2021

Looking at PESTECH’s Weekly Chart, the mid-term trend is consolidating after reaching a low of RM0.50+ in end of 2020. With the increase attention on Electric Vehicle prospects, PESTECH rebounded well to reach above RM1.00 in Q1 2021. The latest weekly candlestick pattern shows that PESTECH has formed a double bottom in this mid-term consolidation phase, with a support at RM0.75 range. With the double bottom formed, PESTECH could rebound and challenge its resistance at RM1.00 again. Note, prices quoted above are after recent bonus issue adjustment.

Reason to monitor: Double bottom

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