Pestech International Bhd (PESTECH, 5219)

• Share closed 6% higher at RM0.265 on Monday.

• PESTECH tumbled on news that its top executives were being charged for misappropriation of funds about two weeks ago. After finding its support at RM0.23 and share price rebounded yesterday and broke its resistance at RM0.26. Coupled with indicators showing uptick momentum, share price is expected to move higher.

• Resistance levels are identified at RM0.27 (R1) and RM0.275 (R2).

• On the flipside, support levels are pegged at RM0.23 (S1) and RM0.225 (S2).

Source: Rakuten Research - 21 Feb 2023