KLCI can be considered as 'well-behaved' but most of the stocks were moving side way for most of the time. KLCI is expected to move higher next week to complete the sub-wave iii.
FACB Industries Incorporated (Rm 1.11)
FACB took almost 2 years to complete its major wave 4 consolidation. Its major wave 5 has a possible high of Rm 3.00.
From September 2015 to January 2016, Facb has completed the wave (i) and (ii) of its major wave 5. Since early February, it has been moving side way for 7 weeks with prices fluctuating within a 4 sens margin between Rm 1.02 and Rm 1.06.
On Wednesday Facb managed to break the Rm 1.06 resistance to close at Rm 1.08. It dropped back to touch the Rm 1.06 level again on Thursday before pulling away to close at Rm 1.11 on Friday.
I have mentioned previously that this is a value-for money stock. It has almost zero borrowing and has Rm 153 million cash. Its cash per share is Rm 1.80 and yet its stock price has been staying around Rm 1.02 for such a long time. Its latest quarterly earning is 0.97 sen a share and net assets per share is Rm 2.41.
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