Reyphon Agri

Lagging behind in the S-share euphoria - Reyphon Agri has been a late mover in the S-share excitement that surfaced over the last few trading days. - Yesterdays price surge took Reyphon Agri past its recent high on 6th Sept at S$0.425. This price breakout was on the back of strong volume, coupled with the RSI trading some distance below the overbought region, we believe Reyphon has more room to move higher. - The price move yesterday has brought Reyphon Agri towards the 38.2% Fibonacci level at S$0.46 to close above it at S$0.465. This signals the bullishness in the move up at this stage. - We expect Reyphon Agri to attempt to fill the price gap that occurred between 8th and 10th August. This gap sits just above the 1st resistance level at S$0.46. Subsequent resistance set at the 61.8% Fibonacci level at S$0.56. Support set at S$0.38.