Favco’s rally should continue after it closed above the RM1.80 resistance level yesterday. A position can be initiated on another close above the level, with a close below the two-day low of RM1.72 as a stop-loss. Look for the stock to test the all-time high of RM2.30, provided the RM2.00 psychological level is violated. The stock may decline if the stop-loss is triggered and strong support is at RM1.60.
Source: OSK
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