Similarly, FARLIM has broken out of a “Bullish Pennant” formation on late buying towards the end of the trading session. The share price was up by 2.5 sen to end the day at 51 sen. While volume indicator has shown a pick-up in buying activity, we note that trading volume remained relatively low. This is keeping us from turning outright bullish on the stockís technical outlook despite the bullish chart pattern and improving momentum indicators. That said, should buying interest continue for a second-day today, the technical picture could potentially signal a rally towards RM0.77 based on the “Flagpole” measurement target.

 

Source: Kenanga