RHB Retail Research
Trading Stocks - Pelikan International
Pelikan International is set for an uptrend reversal after it broke past the MYR0.46 level – forming a Bullish Engulfing pattern. If it remains above that breakout level, the positive momentum may persist, boosting the stock towards the next resistance of MYR0.51, followed by MYR0.55 or its 52-week high. In the event it falls below the MYR0.44 support, this expectation would be cancelled.
Source: RHB Securities Research - 27 Aug 2021
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