PENTA surged 34.0 sen (16.4%) to close at RM2.41, backed by higher than average trading volume.
Importantly, yesterday’s move signals a breakout from its key downtrend line, with price closing above all key SMAs.
Momentum indicators are turning positive as MACD and RSI tick higher.
Expect follow-through buying towards RM2.64 (R1). Should R1 is taken out; the next targeted resistance is RM3.12 (R2).
Conversely, support levels can be found at RM2.10 (S1) and RM1.86 (S2).
BAT (Not Rated)
BAT closed at RM28.42 yesterday with strong trading volume of 2.06m.
Yesterday’s move marked a first-day breakout after a long downtrend, with the share closing above its short and mid-term SMAs of 20 and 50-day, potentially signalling a bottoming-out. Technical outlook is further bolstered by positive upticks in key momentum indicators.
From here, expect BAT to move towards RM31.00 (R1) and RM33.60 (R2) further up.
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