Sarawak Oil Palms is set to reclaim its all-time high level as it bounced off the 21-day average line and surpassed the MYR5.85 immediate resistance yesterday on surging trading volume. This, coupled with a “higher high” bullish pattern, leads us to anticipate the stock propelling towards the next resistance of MYR6.32, before possibly reaching the all-time high of MYR6.70. However, the momentum may decline if it falls below the MYR5.52 support, which is below the average line.

Source: RHB Securities Research - 12 Apr 2022