Pekat poised to move away from consolidation phase, says RHB Retail Research

Pekat poised to move away from consolidation phase, says RHB Retail Research
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KUALA LUMPUR (Oct 14): RHB Retail Research said Pekat Group Bhd is poised to move away from the consolidation phase after it attempted to breach the immediate resistance of 80 sen on Wednesday – supported by strong volume while maintaining its “higher low” structure.

In a trading stocks note on Thursday, the research house said if the momentum is renewed above that level, the bulls should drive the stock towards the threshold of 86.5 sen, before possibly hitting the 90.5 sen level.

“That said, this expectation will be cancelled if it falls below the support of 76.5 sen – forming a “lower low” formation,” it said.

 

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