Sarawak Oil Palms is set to resume its recent uptrend reversal above the 21-day SMA line, as it crossed above the MYR2.62 immediate resistance yesterday – printing a “White Marubozu” bullish candlestick. If it manages to sustain above that level, the stock may propel higher towards the MYR2.80 nearest resistance, or 1 Aug high, followed by the MYR3.00 threshold. If it falls below the MYR2.45 support, the bullish momentum would reverse, as it forms a “lower low” bearish pattern beneath the average line.
Source: RHB Securities Research - 3 Nov 2022
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