Rakuten Trade Research Reports

Technical View - Pestech International Bhd

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Publish date: Wed, 09 Feb 2022, 11:06 AM
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Pestech International Bhd (PESTECH, 5219)

• Share price closed 6.2% higher at RM0.775 on Tuesday.

• PESTECH broke out on high volume from its midterm downtrend and form a Green Marubozu candlestick yesterday. We also noticed a MACD bullish crossover indicating potential continuation of rebound.

• Backed by upticks in its indicators and buying momentum, PESTECH is poised to move higher.

• Resistance levels are identified at RM0.830 (R1) and RM0.870 (R2).

• On the flipside, support levels are pegged at RM0.760 (S1) and RM0.710 (S2).

Source: Rakuten Research - 9 Feb 2022

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