Foundpac may move higher, says RHB Retail Research

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KUALA LUMPUR (June 18): RHB Retail Research said Foundpac Group Bhd may move higher after posting a long white candle and hitting its highest close in nearly three months.

In a trading stocks note today, the researhc house said in view that the 21-day SMA line will likely begin turning upwards, this is an indication of a positive sign.

“A bullish bias may appear above the 28.5 sen level, with an exit set below the 25 sen threshold.

“To the upside, the near-term resistance is at 34.5 sen. This is followed by the 40 sen level,” it said.