Pantech Group Holdings Bhd (PANTECH, 5125)

• Share price closed 5.2% higher at RM0.61 on Thursday.

• PANTECH broke out from its descending triangle and closed above its key moving averages for the first day yesterday since the breakout on 8 Oct 2021. There was a formation of bottom tweezer and bullish engulfing indicating bullish signal.

• A MACD Bullish Crossover is expected to happen in MACD indicator soon. Backed by upticks in its indicators, the share price is poised to move higher.

• Resistance levels are identified at RM0.615 (R1) and RM0.635 (R2).

• On the flipside, support levels are pegged at RM0.570 (S1) and RM0.540 (S2).

Source: Rakuten Research - 12 Nov 2021