FOCAL’s technical picture has turned bullish after the share price recovered from a “doji” reversal candle and gained 22 sen to close at RM2.16 yesterday. In fact, the share price has also formed a bullish “Flag” after it broke out from the 7-day downcycle, indicating buying interest has returned to the stock. Should the bullish momentum carry the share price beyond the recent high @RM2.49, we believe the technical picture could potentially trigger a further rally towards RM3.00 and RM3.75 (measurement objective) in the short-to-medium term. Immediate support, in the meantime, can be found at the RM2.00-psychological level and 

RM1.88 next.

 

Source: Kenanga