Yesterday, PANTECH rebounded from its channel support to break above its 20-day SMA resistance line. The share price rose 4.5 sen for the day to close at RM0.960. Technically speaking, the share price has turned bullish as both the Stochastic and RSI indicators have hooked up, while a MACD-Signal  line crossover seems imminent. Trading volume has also spiked, and this  further supports our bullish view on the stock. Next up, we believe that the bullish momentum could carry the share price higher towards RM1.00/RM1.02. Should the RM1.02 resistance level be taken out in a decisive manner, the share price could potentially extend its gains further towards RM1.15 and possibly RM1.32 next (measurement objective). As for the downside, we believe that strong support should be present at RM0.890 (50-day SMA support & channel support).

 

Source: Kenanga