After a few days of sideways movement, PRESBHD seems to have found strong support @RM1.98-RM2.00 (also the 100-day SMA). In fact, the 20-day SMA has edged upwards and crossed above 50-day SMA recently while sustaining above Andrew’s pitchfork short-term support channel. Although the current share price level seems to be a good time to start accumulating as the stochastic indicator dips into oversold condition, we are concerned on the potential lack of buying follow through as the trading volume has been relatively thin recently. Hence, as the overall uptrend remains intact, we suggest trader to watch for a meaningful consolidation breakout around RM2.10-2.15 before buying.

 

Source: Kenanga