Innoprise Plantations Bhd

• INNO broke out from a bullish flag pattern recently with a white candlestick. In view of the stock staying above both 20-day and 50-day EMAs currently further reinforces its bullish momentum. Additionally, the widening gap between the EMAs, coupled with a rising RSI, highlights the strengthening upward potential in the near term.

• We anticipate the rising momentum to steer the stock higher and test the next resistance at RM1.83 (R1) followed by RM1.89 (R2) in the near term.

• On the downside, stop-loss is set at RM1.58

Source: Rakuten Research - 19 Nov 2024

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