PEKAT GROUP BERHAD
The price action is moving towards the upper band, which could signify the start of a short-term bullish movement if the price breaks out above the upper band.
Price Action: After a significant rally in May, the stock retraced and found support near MYR0.85. This was followed by a period of sideways movement, indicating consolidation.
Resistance: The most immediate resistance is the upper Bollinger Band, near MYR0.95. A break above this could signify a continuation of the previous uptrend.
Support: The lower Bollinger Band near MYR0.88 and a key price level at MYR0.85 serve as immediate support.
Bullish Breakout: If the price breaks above the upper Bollinger Band and volume picks up, we could see a retest of previous highs near MYR1.00 or more.
Bearish Rejection: If the stock faces resistance at the upper Bollinger Band and fails to break higher, it could retrace back to the MYR0.88-MYR0.85 support zone.
Consolidation: If the price continues to move sideways within the Bollinger Bands, expect continued consolidation with reduced volatility until a breakout occurs.
Short-term: The stock is consolidating with reduced volatility. A breakout above the upper Bollinger Band could lead to another bullish leg.
Mid-term: The trend is neutral to slightly bullish, given that the stock remains above its 20-day moving average.
Support/Resistance: Immediate support is MYR0.88, while resistance lies near MYR0.95.
