Yesterday’s bullish candlestick saw it broke past the 50 and 100-day SMAs above the RM34.50 prior resistance level, possibly indicating a bullish move ahead.
Moreover, positive momentum is indicated by meaningful upticks in the RSI and stochastic indicators with MACD continuing its uptrend.
We look towards RM37.50 (R1) and RM41.05 (R2) as resistances. Conversely, immediate support can be identified at resistance-turned-support RM34.50 (S1), and further down at RM31.75 (S2).
TONGHER (Not Rated)
TONGHER rose 14.0 sen (+3.47%) to close at RM4.18, backed by stronger-than-average trading volume.
The share is currently in an uptrend since mid-last year, with the share price leading key SMAs upwards in a fanning state.
Continuation of the bullish outlook is further backed by positive displays from key momentum indicators.
From here, expect F&N making the next high towards RM4.25 (R1). Should follow-through buying momentum sustain, further gains could then be expected at RM4.60 (R2) next.
Downside support can be found at the immediate support level at RM4.00 (S1) and RM3.85 (S2) further down.
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