Hap Seng Plantations Holdings Bhd (HSPLANT, 5138)

• HSPLANT posted a bullish Marubozu candlestick, supported by strong trading volume. The stock broke out of its downtrend in early October and is building on a trend reversal, suggesting a bullish bias may be emerging. We expect further gains if it breaks above the RM1.93 level, supported by rising EMAs.

• We anticipate the rising momentum to steer the stock higher and test the next resistance at RM1.98 (R1) followed by RM2.06 (R2) in the near term.

• On the downside, stop-loss is set at RM1.80.

Source: Rakuten Research - 5 Nov 2024

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