Farm Price Holdings Bhd (FPHB, 0304)

• We noticed a resurgence of buying interests in FPHB as the stock pushed out from its 2.5-month rectangular consolidation pattern with a long white candlestick last Friday. The recent share price performance above its EMAs suggests the consolidation phase is likely at its tail-end. Coupled with a rising RSI, the stock signals a potential bullish trend reversal in the near term.

• We anticipate the stock to test the initial resistance of RM0.65 (R1), followed by RM0.69 (R2) as the next target, supported by continuing upward momentum.

• On the downside, stop-loss is recommended at RM0.525.

Source: Rakuten Research - 18 Nov 2024

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