Favelle Favco may trade lower after the weak close last Friday. A violation of the 3-month low of RM1.32 should confirm the weakness and selling can be done if that happens. Supports are at the Fibonacci retracement of the prior 5-month rally of RM1.23 and RM1.15. However, a close above RM1.40 signals that the support level is holding but resistance is at the prior highs of RM1.50 and RM1.60.
Source: OSK
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