Padini Holdings Bhd (PADINI, 7052)

• PADINI closed 1.6% higher at RM3.15 on Wednesday.

• A bullish engulfing has been formed yesterday. PADINI has also managed to stay above all its key moving averages.

• MA 20 that is showing uptrend seems to act as a strong support for the price. The uptick in RSI and bullish signal shown in MACD indicates higher possibility of further uptrend.

• Hence, resistance levels are identified at RM3.24 (R1) and RM3.30 (R2).

• On the contrary, support levels are pegged at RM3.09 (S1) and RM3.00 (S2).

Source: Rakuten Research - 9 Sept 2021