Pelikan poised to travel higher, says RHB Retail Research

Pelikan poised to travel higher, says RHB Retail Research
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KUALA LUMPUR (Aug 4): RHB Retail Research said Pelikan International. Corporation Bhd is poised to travel higher after it bounced off from below to above the 21-day SMA line, breaching its immediate resistance of 42.5 sen on strong trading volume yesterday.

In a trading stocks note today, the research house said that with the latest long white candle or “Bullish Engulfing” pattern, the bullish momentum is picking up pace above the immediate support level to boost the stock towards the next resistance at 51 sen, followed by 55 sen (its multi-month high).

“However, if the stock falls below the 41 sen support, this momentum may reverse,” it said.