KUALA LUMPUR (Dec 24): RHB Retail Research said Pelikan International Corp Bhd is in the midst of rebounding higher, as it bounced off the support following a recent pullback – heading towards the immediate resistance.

In a trading stocks note on Friday (Dec 24), the research house said if the stock manages  to move past the immediate resistance of 55.5 sen – reclaiming a spot above the recent breakout level – buying pressure should continue to push the stock towards the resistance of 58.5 sen, followed by 63 sen.

“If it falls below the 52.5 sen support, the momentum may be reversed,” it said.