TH Plantations Bhd (THPLANT, 5112)

• Share price closed 4.67% higher at RM0.56 on last Friday.

• THPLANT has been fluctuating between RM0.475 and RM0.595 after reaching its 52-week peak of RM0.655 in March 2023. It broke through its resistance level of RM0.555 with strong accumulation momentum. Currently, the CPO is trading at around RM4,040 per tonne, marking a 5% increase since August 24th, driven by the El Nino effect (warm weather conditions) that have threatened palm oil supply. Coupled with indicator showing uptick momentum, share price is expected to propel higher.

• Resistance level are identified at RM0.595 (R1) and RM0.65 (R2).

• On the flipside, support levels are pegged at RM0.52 (S1) and RM0.51 (S2).

Source: Rakuten Research - 4 Sept 2023

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