Last month, FABER hit its all-time high at RM3.73 but failed to break through its strong resistance level. The failure signaled the start of a downtrend, and our view was further affirmed as all SMAs (20, 50, and 100) have completed negative crossovers. The share price had also gone through five consecutive days of losses, and there is no rebound signal shown from any of the key indicators at this juncture. We believe that the overall technical picture remains negative, with selling pressure still strong. As the momentum indicators are en-route into its oversold region, we view that a strong buying level could emerge at its multi-year support level of RM2.97 (S2).

 

 

Source: Kenanga