Foundpac Group Bhd (5277)

• FPGROUP rose 8% or 8 sen to RM1.08 last Friday.

• Price movements are indicating positive signals as share price is trading above the upward sloping short-term moving average lines and has formed a key resistance breakout at RM1.06 level. Should the buying momentum continue, share price should extend its upward strength towards higher levels.

• As such, resistance levels are seen at RM1.14 (R1) and further to RM1.20 (R2).

• On the downside, support levels are projected at RM0.975 (S1) and RM0.930 (S2).

Source: Rakuten Research - 8 Feb 2021