Pestech International Bhd (PESTECH, 5219)

• Share price closed 9.43% higher at RM0.29 last Friday.

• PESTECH rebounded after falling to its 52-week low of RM0.155 as at end June. Share price surgedsignificantly following the announcement of IJM Corp's acquisition of a 44.8% stake in PESTECH. The current share price has broken out last Friday, reaching RM0.295 with a notable increase in buying volume. MACD is poised for a bullish crossover, and the share price is expected to move higher.

• Resistance level are identified at RM0.325 (R1) and RM0.34 (R2).

• On the flipside, support levels are pegged at RM0.245 (S1) and RM0.24 (S2).

Source: Rakuten Research - 7 Aug 2023

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