RHB Retail Research
Trading Stocks - Boustead Plantations
Boustead Plantations, pending a technical breakout, rose higher to test the immediate resistance level at MYR0.53. We believe it may have completed the correction phase since 21 Sep, and is ready to extend the upward move. If it breaks above the resistance of MYR0.53, the next possible level will be MYR0.565, followed by MYR0.60. Meanwhile, a downside breach of the MYR0.495 support should negate this expectation.
Source: RHB Securities Research - 14 Oct 2020
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