Press Metal Aluminium Holdings Bhd (PMETAL, 8869)

• Share price closed 3.31% higher at RM6.56 on Monday.

• PMETAL has broken out of its consolidation phase yesterday with relatively higher volume. It also closed above all its key moving averages.

• Coupled with its bullish signal in MACD and upticks in its indicators, its share price is poised to move higher.

• Resistance levels are identified at RM6.74 (R1) and RM7.00 (R2).

• On the flipside, support levels are pegged at RM6.35 (S1) and RM6.11 (S2).

Source: Rakuten Research - 12 Apr 2022