Favelle Favco’s buying momentum may have returned after it recently rose above the 21-day SMA line. Yesterday’s candle sent the stock to its 5-week high, thereby enhancing the bullish sentiment. A bullish bias may emerge above the MYR2.70 level, with an exit set below the MYR2.56 threshold. Towards the upside, the immediate resistance is at MYR2.88. This is followed by the MYR3.00 level.

Source: RHB Securities Research - 3 May 2019