TH Plantations Bhd (THPLANT, 5112)

• TH posted a strong white candlestick following a Doji pattern after it surpassed RM0.655, signallinga return of buying interests. A bullish crossover formed a few sessions ago, supported by higher trading volume, which reinforces the upward trend. This setup suggests further upside potential in the near term as momentum builds.

• We anticipate the rising momentum to steer the stock higher and test the next resistance at RM0.72(R1) followed by RM0.80 (R2) in the near term.

• On the downside, stop-loss is set at RM0.55.

Source: Rakuten Research - 4 Nov 2024

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