Pekat Group is set for an uptrend rebound after recently rebounding strongly and surpassing the MYR0.45 mark while consolidating above this level yesterday. Coupled with the price being above the ascending 21-day SMA line, the bullish momentum may persist, allowing the stock to head towards the MYR0.50 resistance, followed by the MYR0.52 next resistance. On the flip side, falling below the MYR0.425 nullifies the bullish bias.

Source: RHB Securities Research - 20 Mar 2024