FABER: Upside bias amid neckline resistance breakout and strengthening indicators
§ The stock broke out of its long-term downtrend channel recently and swung past its key moving averages and upper Bollinger band along the way to a 52-wk high of RM1.70 last Friday before ending lower at RM1.65 (neckline resistance) on profit taking.
§ Given the significant volume breakout last Friday, the odds favour the bulls to stage a breakout above RM1.70 this week to retest higher targets at RM1.79-1.83. More formidable resistance is RM1.91 (38.2% FR).Short term supports are RM1.58 (daily upper Bollinger band) and RM1.52 (100-d SMA and 20-w SMA) Cut loss below RM1.50.
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