Rakuten Trade Research Reports

Technical View - Foundpac Group Bhd (FPGROUP, 5277)

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Publish date: Mon, 05 Jul 2021, 02:44 PM
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• FPGROUP closed 3.8% or 3 sen higher to RM0.83 last Friday.

• After touching a high of RM1.23 in July 2020, share price has been trending downward to a low of RM0.705 in May 2021. Since then, buying interest emerges and share price is forming a rebound with high low structures.

• FPGROUP is building a rounding bottom pattern, suggesting possible trend reversal while last Friday’s positive breakout with a volume spike reinforced stronger buying momentum in the near term.

• Resistance levels are projected at RM0.91 (R1) and RM0.98 (R2).

• For downside support, support levels are set at RM0.77 (S1) and RM0.75 (S2).

Source: Rakuten Research - 5 Jul 2021

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