PRLEXUS Pullback Setup?

PRLEXUS, through its subsidiaries, is engaged in the manufacture and sale of garments and apparels as well as provides advertising services on multimedia boards with operations in Malaysia, Europe and the United States.

The Covid-19 pandemic has an impact on the Group business operation. In order to cushion it, the Group had taken immediate steps to venture into the production of Personal Protective Equipment (“PPE”). It has included a washable and reusable antivirus fabric protective mask in its product line but are also exploring other PPE options.

PRLEXUS Daily Chart

Technically, PRLEXUS is trading in a smooth ascending channels. Recently it bounced off its lower channel and support line at 0.625 to form a bullish hammer candle on May 28, 2020 on above average volume after several days of decline on lighter volume. I expect PRLEXUS to continue to trade within its ascending channels and a move up to the upper channel is likely.

Disclaimer:

Trading and investment involves risk, including possible loss of principal and other losses. I shall not be responsible for any losses or loss profit resulting from trading or investment decision based on my posting and any information presented in this blog.