Farm Fresh is poised for a technical breakout after attempting to hit the MYR1.65 consolidation level yesterday – firming up its “higher low” bullish structure. If a breakout happens, a “higher high” bullish pattern may emerge to propel the stock towards the next resistance at MYR1.70 or the high of 24 May. This is followed by MYR1.74, ie the high of 5 May. However, the stock may reverse direction if it falls below the MYR1.57 support or the recent low – forming a “lower low” bearish pattern beneath the 21-day average line.
Source: RHB Securities Research - 15 Jul 2022
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