Sime Darby Plantation is set to propel towards its historical high after bouncing off the 21-day average line to close above the MYR5.30 mark yesterday – supported by stronger volume. Bullish pressure above that level is likely to propel the stock higher towards the MYR5.50 resistance, before possibly hitting the all-time high at MYR6.00 level. However, the momentum may decline if it falls below the MYR5.06 support level, forming a “lower low” bearish structure below the average line.
Source: RHB Securities Research - 21 Apr 2022
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