Innoprise Plantations Bhd (INNO, 6262)

• Share price closed 4.7% higher at RM1.79 on Tuesday.

• INNO has broken out from its consolidation phase to form a Green Marubozu candlestick indicating potential strong rebound. It is trading above both MA20 and MA50 currently.

• Coupled with upticks in its indicators and recent uptrend in Brent Crude Oil prices, we anticipate the share price to continue its rebounding trend.

• Resistance levels are identified at RM1.93 (R1) and RM2.03 (R2).

• On the flipside, support levels are pegged at RM1.71 (S1) and RM1.58 (S2).

Source: Rakuten Research - 23 Mar 2022