PWF Corporation Berhad operates as a animal food producer. The Company offers focuses on feed manufacturing, broiler farming, broiler breeder farming, layer farming, poultry processing, and trading of raw material.
According to CGS International, the stock appears to have found support above the RM0.84 low after prices retested the double support of the downtrend line from the RM1.05 high and the support trend line from the RM0.795 low. The three white soldiers pattern over the past 3 days likely indicate that the bulls are keen to lift prices. Supported by a higher trading volume and rising EMAs, the stock is likely at an early stage to resume its longer-term uptrend.
The Moving Average Convergence Divergence (MACD) showed easing pressure while the Relative Strength Index (RSI) hooked up again, indicating that the upward momentum is picking up.
The house believes that aggressive traders may want to go long here or on weakness with a stop-loss set at RM0.835. On the upside, prices may push on to test the historical resistances at RM0.935, RM0.97 followed by RM1.00 next.