KUALA LUMPUR (Oct 4): FoundPac Group Bhd shares rose 3.66% at mid-morning today following a positive technical outlook on the stock.

At 10.40am, FoundPac rose 1.5 sen to 42.5 sen for a market capitalisation of RM221.05 million.

RHB Retail Research said FoundPac may rebound further after it tested the 37 sen support lately.

In a trading stocks note today, the research house said given that it has formed a long white candle above the rising 21-day simple moving average (SMA) line, this means that the bullish sentiment has been enhanced.

"A positive bias may emerge above the 40 sen level, with an exit set below the 37 sen threshold.

"Towards the upside, the immediate resistance is at the 44 sen level. This is followed by the 50 sen threshold," it said.