P.A. Resources Bhd (PA, 7225)

• PA closed 5.1% higher at RM0.415 on Tuesday.

• A bullish engulfing has been formed yesterday. PA has also managed to stay above its MA 20 and MA 50 as well as above the support level of RM0.395. The MA 20 is also expected to cross above MA 50 very soon. The uptick in RSI and bullish signal shown in MACD indicates higher possibility of further uptrend.

• Hence, resistance levels are identified at RM0.460 (R1) and RM0.475 (R2).

• On the contrary, support levels are pegged at RM0.395 (S1) and RM0.375 (S2).

Source: Rakuten Research - 8 Sept 2021