Jan 12, 2016

Fututech – Potential Price Breakout

Stock Code: 7161
Fututech Daily Chart:
fututech analysis

FUTUTEC (Not Rated). For the day, trading volume hit a 9-month’s high with FUTUTEC’s share price gaining 8.0 sen (+4.7%) to RM1.78. The company has been in the limelight recently with its proposed acquisition of two construction firms for RM458m and a private placement of 100m new shares. Chart-wise, FUTUTEC is trading within a bullish “Broadening formation” over the past two years and is now in the midst of retesting its mid-2015’s high (RM1.84 (R1)). Traders should monitor for a price breakout (Buy signal) with potential upside targets at RM2.00 (R2) and RM2.50 (R3). Support levels are RM1.70 (S1) and RM1.57 (S2) with a suggested stop-loss at RM1.54.

Source: Kenanga Research – 12/01/16

The principal activities of the Company are investment holding and provision of management services. The Group has 2 key business divisions comprising of manufacturing of lighting and kitchen cabinetry and property construction.