Pentamaster Corp is attempting to stage a bullish breakout, testing the immediate resistance on high volume. The counter has been charting a series of “higher high” white candlesticks, showing bullish momentum is gaining pace. In the event it crosses above the MYR3.80 resistance, this will attract further buying interest. If a breakout happens, we expect the bullish momentum to propel the stock towards MYR4, followed by the MYR4.30 level. Should it fall below the MYR3.45 support, it will resume the correction phase.

Source: RHB Securities Research - 23 Oct 2024