Public Investment Bank
27th June, 2016
Technicals: Pantech – Breakout From Downtrend Line (5125, Technical Buy)
There was a breakout from an almost one-year downtrend line supported by high volume last Friday. Buying interests may continue to lift Pantech shares higher to next resistance level of RM0.64, followed by RM0.655, Last Friday’s traded volume was substantial at 2.3m shares compared to 14-day average of 0.3m. Positive buying momentum was further signified by bullish MACD golden crossover and RSI indicator. However, failure to hold at support level of RM0.56 may indicates weakness in the share price and hence trigger a cut-loss signal.