Bermaz Auto Bhd (BAUTO, 5248)

• BAUTO closed unchanged at RM1.51 yesterday.

• BAUTO is likely at the tail end of the consolidation phase, on the verge to form a breakout from the pennant pattern. With the formation of higher lows while share price remains trading above the key moving average lines, the upward trend remain intact.

• Should it able to break RM1.55 level, next resistance levels are projected at RM1.60 (R1) and further to RM1.65 (R2).

• For the downside, supper levels are set at RM1.48 (R1) and next at RM1.42 (S2).

Source: Rakuten Research - 23 Apr 2021