FoundPac up 1.5% on positive technicals

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KUALA LUMPUR (June 27): FoundPac Group Bhd shares rose 1.5% at mid-morning today following a possible technical outlook on the stock.

At 10.40am, FoundPac added 0.5 sen to 33.5 sen for a market capitalisation of RM173.87 million.

RHB Retail Research, in a trading stocks note today, said FoundPac may rebound further after it tested 30 sen support recently.

The research house said that as the stock rose above the 21-day simple moving average (SMA) line, this indicates a positive sign.

"A bullish bias may emerge above the 32 sen level, with an exit set below the 30 sen threshold.

"Towards the upside, the immediate resistance is at 35 sen. This is followed by the 39 sen level," it said.