Hap Seng Plantations Holdings is poised to reverse its recent downtrend movement from the peak, as it bounced off strongly from yesterday’s intraday low to close on a positive note. If buying pressure persists, causing the stock to breach the MYR2.85 resistance, the bullsh may propel it further towards MYR3.09, or the 52-week high, before reaching the next threshold at MYR3.40. Conversely, falling below MYR2.64 or yesterday’s low should trigger selling pressure, printing a “lower low” bearish pattern.

Source: RHB Securities Research - 9 Mar 2022