The long white candle and the breakout of the 1-week bullish pennant pattern yesterday indicated that Sarawak Plantation’s uptrend may have resumed. As the stock has surged to a new multi-year high, the near-term bullish trend may still have legs. A bullish bias may emerge above the RM3.20 level, while stop-loss is set at RM3.03. Towards the upside, we are eyeing the near-term resistance level at RM3.60, followed by RM3.80.

Entry: RM3.20–3.31

Target: RM3.60, 3.80

Exit: RM3.03

Source: AmInvest Research - 1 Mar 2022