Sarawak Oil Palms broke out from its 4-week rectangle pattern with a long white candle yesterday, implying that a bullish reversal sign may have occurred. As the 20-day and 50-day EMAs are starting to turn upwards, a positive outlook can be expected here. A bullish bias may emerge above the RM5.85 level, with a stop-loss set at RM5.55, below 11 April’s low. On the upside, the nearterm resistance level is seen at RM6.40, followed by RM6.70.  

Entry : RM5.85–6.04

Target : RM6.40, RM6.70

Exit : RM5.55

Source: AmInvest Research - 12 Apr 2022