Pentamaster set to resume uptrend, says RHB Retail Research

KUALA LUMPUR (July 28): RHB Retail Research said Pentamaster Corporation Bhd is set to resume the uptrend as it rebounded strongly following the recent pullback – breaking above the immediate resistance of RM3.83 with strong trading volume.

In a trading stocks note today, the research house said the bulls above that level are expected to propel the stock towards the immediate resistance at RM3.98, or June 3’s high, before heading towards the RM4.15 next resistance, or the high of March 23’s high.

“If it falls below the support level of RM3.67, the bullish momentum may reverse as it forms a “lower low” bearish pattern,” it said.