PESTECH – Short Term Recovering After Sell Down?
PESTECH Stock Code: 5219
Above: Pestech Daily Chart
PESTECH was one counter among many that faced immense sell-down last week, and had since found some footing at the RM1.42/RM1.45 level. Recently, some buying support emerged with the stock recording three-consecutive days of gains since Monday, where it closed 2.0 sen (1.35%) to settle at RM1.50 yesterday. MACD histogram is looking to stage a bullish crossover, while the inclining of RSI and Stochastic from their respective oversold territory are also supportive of the case that buying interest is resurfacing. We also do observe that long upper shadows appear over the past few days to hinder the stock’s attempt for a higher high. From here, we reckon that a swift recapture of the RM1.56 (R1) level would be comfortable for the stock to challenge RM1.64 (R2) next. Support levels are seen at RM1.42 (S1)/RM1.30 (S2).
source: Kenanga Research – 25/08/2016
PESTECH INTERNATIONAL BERHAD
The Company is principally engaged in the provision of comprehensive power system engineering and technical solutions for design procurement and installation of High Voltage and Extra High Voltage substations transmission lines and underground cables for electricity transmision and distribution in the local and international markets and also manufacture proprietary power system components and equipment.
PESTECH (5219) - PESTECH – Short Term Recovering After Sell Down?