PELIKAN is back in the limelight again as its share price surged up 10 sen in the past two days, which could be driven by positive development from its recent proposed to take over the German and Austria stationery business from Herlitz PBS, according to the press. The technical uptrend is promising as the share price has broken out above the two-week downward slopping resistance and 76.4% Fibonacci resistance. Going forward, should the share price violate the overhead resistance @RM0.795 (recent high), the share price could potentially make its way up towards RM0.910 (123.6% Fibonacci). Meanwhile, the underlying support is pegged at RM0.680 followed by RM0.610. 

 

Source: Kenanga