Felda Global Ventures

FELDA Global Ventures recovered to a 2½-month high of RM1.74 during intra-day session amid fresh bargain-hunting interest. Based on the daily chart, this stock remains in consolidation mode but with the stochastic, the 14-day relative strength index and the moving average convergence/divergence histogram rising, they suggest prices may firm in the immediate term. Initial resistance is anticipated at the RM1.78 barrier, which is the uppermost 200-day simple moving average line. A successful breakout of the one-year-old declining trendline of RM1.95 will signal a new leg of uptrend, targeting the RM2.20 level while support is resting at RM1.65, followed by the RM1.50 mark.