AmInvest Research Reports

Stock on Radar - Sarawak Oil Palms (SOP)

AmInvest
Publish date: Mon, 04 Nov 2024, 11:09 AM
AmInvest
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Sarawak Oil Palms (SOP | 5126)

Last Price: RM3.27 | Technical Call: BUY

Technical chart: SOP

Support 1: RM3.20Resistance 1: RM3.50
Support 2: RM3.00Resistance 2: RM3.70
Shariah Compliant: YesSector: Plantation

Sarawak Oil Palms may trend higher after it formed a long positive candle and hit a new 52-week high on Friday. The stock's move above the key RM3.20 resistance coupled with its rising EMAs, indicates that the near term bullish trend may persist. A bullish bias may emerge above the RM3.20 level with stop-loss set at RM2.98, below the 50-day EMA. Towards the upside, near- term resistance level is seen at RM3.50, followed by RM3.70.

Entry: RM3.20-3.27

Target: RM3.50, RM3.70

Exit: RM2.98

 

Source: AmInvest Research - 4 Nov 2024

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