Padini Holdings Bhd (PADINI, 7052)

• Share price closed 2.7% higher at RM3.45 on Thursday.

• There is a morning star formed from 25 May to 27 May, indicating a reversal of the price correction. Yesterday, it managed to trade above all its key moving averages and formed a White Marubozu candlestick.

• Coupled with upticks in its indicators & MACD bullish crossover, share price is expected to continue its upside momentum.

• Resistance levels are identified at RM3.50 (R1) and RM3.58 (R2).

• On the flipside, support levels are pegged at RM3.35 (S1) and RM3.01 (S2).

Source: Rakuten Research - 3 Jun 2022