Pharmaniaga Bhd (PHARMA, 7081)

• Share price closed 1.3% higher at RM0.76 on Thursday.

• PHARMA has closed above its MA20 & MA50 recently. We also noticed a bullish signal from its MACD indicator.

• Backed by upticks in its indicators and above expectation of its quarterly result announced yesterday, we believe PHARMA will start to gain investors’ interest and is poised to move higher.

• Resistance levels are identified at RM0.81 (R1) and RM0.875 (R2).

• On the flipside, support levels are pegged at RM0.75 (S1) and RM0.70 (S2).

Source: Rakuten Research - 18 Feb 2022