FGV Holdings is set to propel towards the 52-week high, as it formed a technical breakout above the MYR1.98 consolidation level yesterday, with a “White Marubozu” bullish candlestick. Coupled with the “higher high” bullish structure, the buying pressure above that level may drive the stock towards the 52- week high of MYR2.12, followed by MYR2.52 – the highest point since Sep 2016. Meanwhile, a fall below the next support level of MYR1.88 may trigger the resumption of a downward correction, as it forms a “lower low” bearish structure beneath the 21-day average line.

Source: RHB Securities Research - 6 Apr 2022