Genting Plantations Bhd

• Share price closed 2.43% higher at RM5.49 on Monday.

• GENP has rebounded from its 52-week low of RM5.11 last week. It broke out of its resistance level of RM5.38 with spike in buying momentum yesterday. It attempted to breach RM5.50 before settling at the current level. CPO is currently hovering around RM3785/tonne, up 3% since last Monday. Coupled with bullish MACD crossover, share price is expected to propel higher.

• Resistance level are identified at RM5.50 (R1) and RM5.64 (R2).

• On the flipside, support levels are pegged at RM5.11 (S1) and RM5.05 (S2).

Source: Rakuten Research - 19 Sept 2023

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