Small cap plantation counter TDM is back in the limelight, in tandem with a rally in CPO prices for the past few weeks. Yesterday, the share price was up 3 sen to RM0.96. Short-term technical picture of TDM looks bullish, as it stays above all the short, mid and long term moving averages. The improved readings from the Stochastic indicator coupled with the higher trading volume for the day, make us believe that buying momentum is set to continue over the next few days. From here, we expect TDM to retest its channel resistance of RM1.10. Meanwhile, a strong support level is now pegged at RM0.87, where we expect buying interest to emerge.

 

Source: Kenanga