KUALA LUMPUR (Aug 29): RHB Retail Research said PA Resources Bhd is attempting to break past the immediate resistance after building a strong base along the 20-day simple moving average (SMA) line.

In a trading stocks note on Monday (Aug 29), the research house said that since the stock crossed above the 20-day SMA line, volume has been increasing, showing that a bullish bias has emerged.

“If it breaks past the 29.5 sen resistance, we think the stock will attract further buying pressure to lift it towards 31 sen, followed by 33 sen.

“However, a fall below the 27 sen support would negate our expectations,” it said.