PADINI has formed a “Broadening Formation” over the past 6 months. In fact, the share price has been exhibiting a series of higher highs and higher lows within the aforementioned chart pattern. These are prerequisites of an uptrend, and we believe that PADINI is due for a rebound after the recent pullback. The share price rose 4 sen to RM1.89 yesterday. While trading volume has yet to pick up, the key indicators suggest that momentum is gradually shifting from bearish to bullish. Should a rebound be on the cards, PADINI could potentially extend its gains towards RM2.20 and possibly RM2.37 next.

 

Source: Kenanga