Pecca Group is undergoing a technical rebound, as it bounced off the support level to above the immediate resistance of MYR4.14 on strong trading volume on Friday, thereby forming a bullish White Marubozu candlestick. While breaking away from its consolidation zone above the 21-day SMA line, the continuation momentum is expected to see the stock climbing towards the next hurdle of MYR4.54, before heading for the MYR4.70 resistance. Meanwhile, falling below the MYR3.98 support may see the stock reversing direction to head south.

Source: RHB Securities Research - 26 Jul 2021