Plytec Holding Bhd (PLYTEC, 0289)
- We believe PLYTEC is back on buyer’s radar after it staged a rebound to beyond the key resistanceof RM0.33. The improved trading volume also sent share price to close above the 20-day EMA. This is further supported by the rising 20-day EMA suggesting that a bullish crossover is likely to occur soon, thus enhances the near-term bullish momentum.
- We anticipate the rising momentum to steer the stock higher and test the next resistance at RM0.36(R1) followed by RM0.385 (R2) in the near term.
- On the downside, stop-loss is set at RM0.30.
Source: Rakuten Research - 21 Oct 2024
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