KUALA LUMPUR: Buying interest in Hap Seng Plantations Holdings is back after it pushed out of a two-week bullish flag pattern with a long white candle two sessions ago, according to Rakuten Trade.
It said that the higher trading volume also caused the share prices to close above the 20-day EMAs.
"The positive technical indicators of EMAs and RSI, along with the rising CPO price, suggest a shift towards upward momentum.
"We expect the rising momentum to steer the stock higher and test the next level of resistance. of RM2.00 (R1) and RM2.15 (R2) in the near term.
"On the downside, stop-loss is set at RM1.71, below Jan 3's low," it said.