Rimbunan Sawit is consolidating sideways between the MYR0.26 resistance and MYR0.245 on strong buying interest yesterday. It closed at the resistance level. If it manages to push past that point in the coming sessions, expect the stock to trade above the consolidation phase. The next resistance is set at MYR0.275, followed by MYR0.30 (Mar’s high and also May 2021’s high). If it falls below the support level of MYR0.245, the stock will likely move downwards, falling below the consolidation phase.

Source: RHB Securities Research - 21 Apr 2022