Sarawak Oil Palms is set to resume heading towards its all-time high, as it broke above the resistance level of MYR6.70 on strong volume last Friday. If the momentum persists, the stock is expected to hit the recent peak of MYR7.22 – which is also its all-time high – then the MYR8.00 threshold. However, the positive momentum may dissipate if it falls below the MYR6.29 support level, as it could form a “lower low” bearish pattern.
Source: RHB Securities Research - 5 May 2022
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