RHB views that Farm Fresh is eyeing to stage a bullish breakout as it tests the MYR1.70 immediate resistance. The stock is moving sideways for a consolidation. If it breaks past the immediate resistance, a bullish bias will emerge. In this scenario, we expect the followthrough momentum to reach MYR1.74, followed by MYR1.79. On the other hand, breaching below the MYR1.64 support will negate RHB’s expectation.
Hibiscus Petroleum retreated to an oversold level, eyeing to stage a technical rebound. The stock has recently been observed undergoing a correction, and trading volumes have been subsiding, showing that selling pressure is tapering. If it manages to cross above the MYR0.865 immediate resistance, we expect a rebound towards the MYR0.91 mark, followed by MYR0.96. Conversely, falling below the MYR0.81 support will extend the correction.
