Hap Seng Plantations Holdings (HSPLANT, 5138)

• Buying interests on HSPLANT is back after it pushed out from a two-week bullish flag pattern with along white candle two sessions ago. Higher trading volume also sent the share prices to close above the 20-day EMAs. With the positive technical indicators of EMAs and RSI, along with rising CPO price, suggests a shift towards an upward momentum.

• We expect the rising momentum is set to steer the stock higher and test the next level of resistanceof RM2.00 (R1) and RM2.15 (R2) in the near term.

• On the downside, stop-loss is set at RM1.71, below the 3 Jan’s low.
  
  

Source: Rakuten Research - 8 Mar 2024

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