Sime Darby Plantation could trend upwards further as it bounced off the 21-day average line, while moving towards the immediate resistance of MYR4.47 last Friday – supported by improved trading volume. If it manages to breach above that level, the bulls are expected to propel the stock towards the next resistance of MYR4.70 ie 16 Jun’s high, before heading towards the MYR4.85 next resistance or the high of 14 Jun. If it falls below MYR4.15, the bullish momentum may be reversed as it forms a “lower low” bearish pattern below the average line.
Source: RHB Securities Research - 1 Aug 2022
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Created by rhbinvest | Apr 23, 2024