Sarawak Plantation poised for a breakout, says RHB Retail Research

KUALA LUMPUR (Dec 8): RHB Retail Research said Sarawak Plantation Bhd is poised for a breakout as it bounced off the 21-day average line yesterday on stronger trading volume – eyeing the RM2.30 consolidation phase.

In a trading stocks note today, the research house said that if a breakout above that level happens, the bulls may take the stock further towards the RM2.40 level, followed by the next resistance of RM2.65, or its 6-month high.

“The momentum may be reversed if it drops below RM2.17 – forming a “lower low” bearish pattern, below the average line,” it said.