Pekat Group Bhd (PEKAT, 0233)

• PEKAT may trend higher after it surged to all time high last Friday to break out from the ascendingtriangle pattern. With the stock pulling further away from all the EMAs coupled with its RSI indicator and EMAs pointing upwards, the bullish momentum appears to be picking up.

• We expect the rising momentum to steer the stock higher and test the next level of resistance ofRM1.10 (R1), followed by RM1.20 (R2).

• On the downside, stop-loss is set at RM0.89, below the 28 June’s low.
  

Source: Rakuten Research - 15 Jul 2024

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