PENTA was up by 3.5 sen (7.3%) to RM0.51 on above average trading volume over the last 3 days. Share price has broken out of the short-term resistance level at RM0.43 and appears to be aiming for higher highs. The Golden Cross also appears to be widening after the 20-day SMA has overtaken the 50-day and 100-day SMAs. Key indicators are bullish at this juncture as the MACD has crossed over the Signal line, while RSI and Stochastics are still on the uptrend, but are charting close to overbought levels. Should the bullish momentum persist, we expect PENTA to push towards RM0.54 (R1), but if the bullish uptrend loses steam from a prolonged overbought situation, we expect the share price to correct to the strong support line at RM0.36.
Source: Kenanga
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