Pelikan International is in the midst of rebounding higher, as it bounced off the support following a recent pullback – heading towards the immediate resistance. If it manages to move past the immediate resistance of MYR0.555 – reclaiming a spot above the recent breakout level – buying pressure should continue to push the stock towards the resistance of MYR0.585, followed by MYR0.63. If it falls below the MYR0.525 support, the momentum may be reversed.

Source: RHB Securities Research - 24 Dec 2021