KUALA LUMPUR (Nov 15): RHB Retail Research said Favelle Favco Bhd may climb higher after posting another white candle and hitting its new 52-week high.

In a trading stocks note today, the research house said with the 21-day SMA line edging upwards, this implies a bullish outlook.

“A positive bias may emerge above the RM2.85 level, with an exit set below the RM2.78 threshold.

“Towards the upside, the immediate resistance is at the RM3.10 mark. This is followed by the RM3.30 level,” it said.