PESONA’s technical picture looks interesting as the share price had broken above the two months congestion zone (RM0.410-RM0.460) as the market speculates that the group may secure a government contract for the PR1MA project it was bidding for earlier, according to media. Chart-wise, key indicators such as RSI and Stochastic are biased to the upside coupled with average higher volume, which could be the precursor of the up-cycle towards the previous high @RM0.540 in short-to-medium term. Beyond that, RM0.620 could be the next resistance for the stock, based on Fibonacci Projection. Nonetheless, a strict stop-loss is pegged at RM0.410, which is the congestion zone and Fibonacci support level.

 

Source: Kenanga