Sarawak Oil Palms Bhd (SOP, 5126)

• We expect further upside for SOP after it broke out from its 1-week bullish flag pattern with two strong white candlesticks two sessions ago. In view of the stock bouncing off the 20-day EMA along with improving RSI and EMA, this further reinforces the bullish momentum in the near term.

• We expect the rising momentum to steer the stock higher and test the next resistance at RM3.19 (R1) followed by RM3.26 (R2) in the near term.

• On the downside, stop-loss is set at RM2.98.

Source: Rakuten Research - 25 Oct 2024

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