We believe the buying momentum on Sarawak Oil Palms is back following its close above the key RM6.70 resistance (March’s high) with a white candle on Friday. With the stock pushing near its all-time high, supported by its rising EMAs, these likely indicate that the bullish momentum may be picking up. A bullish bias may emerge above the RM6.70 level, with a stop-loss set at RM6.23, below the 20-day EMA. Towards the upside, the near-term resistance level is seen at RM7.40, followed by RM7.60.

Entry : RM6.70–6.91

Target : RM7.40, RM7.60

Exit : RM6.23

Source: AmInvest Research - 5 May 2022