Lotte Chemical Titan Holding Bhd (LCTITAN, 5284)

• Share price closed 4.14% higher at RM2.77 yesterday.

• LCTITAN broke out from its consolidation to form a bullish engulfing pattern. It seems to have found its lowest point at RM2.51 since early Sept. Yesterday, it has formed a rounding bottom.

• Its share price closed above all key moving averages for the first day since early Sept. Backed by upticks in its indicators, the share price is poised to move higher.

• Resistance levels are identified at RM2.90 (R1) and RM3.07 (R2).

• On the flipside, support levels are pegged at RM2.64 (S1) and RM2.51 (S2).

Source: Rakuten Research - 14 Oct 2021