FCOT (technical)

FCOT: OCBC sees more upside ahead after the stock broke above the $1.02 key resistance recently; this was followed by a successful retest and rebound off this level on increasing volume over the past two sessions. Notes MACD is converging bullishly towards its signal line now; this suggests that the upside momentum is resuming. Tips the counter could potentially trend towards the next key obstacle at $1.32 (key support-turned-resistance) in the weeks ahead. Advocates a stop-loss exit around $0.98, which is slightly below the newly established resistance-turned-support of $1.02. The house currently has a fundamental Buy rating on FCOT with TP $1.16.