RHB Research Trading Stocks: Innoprise Plantations, Boustead Plantations, Tomei Consolidated, Classic Scenic

Innoprise Plantations

Innoprise Plantations is set for a rebound after it surpassed the MYR1.87 resistance level – on the back of stronger volume. If it manages to sustain above that threshold, a resumption of uptrend may lift the stock towards breaching the 21-day average line and hitting the MYR1.97 mark, followed by the MYR2.16 next resistance. However, the stock may reverse downwards if it falls below the MYR1.70 support, forming a “lower low” bearish pattern – below the average line.

Boustead Plantations

Boustead Plantations is eyeing for a rebound above the 21-day average line as it rose higher and attempted to move past the MYR1.08 resistance yesterday – supported by stronger trading volume. If a breakout above that level happens, the stock may propel further towards the next resistance set at MYR1.19, followed by MYR1.25, its all-time high. If it falls below the
psychological support of MYR1.00 – forming a “lower low” bearish pattern – the stock may trend downwards.

Tomei Consolidated

Tomei is eyeing for a further rebound as it bounced off its support recently and attempted to surpass the MYR1.02 immediate resistance level – also near its 21-day average line. If the momentum re-emerges to surpass both the average line and the resistance level, the stock may continue its uptrend reversal towards MYR1.08, then the MYR1.13 resistance, or Apr’s high. Conversely, the momentum may reverse if it drops below the MYR0.96 support – drawing a “lower low” bearish pattern beneath the average line.

Classic Scenic

Classic Scenic is poised to propel northwards as it attempted to break above the consolidation phase of MYR0.70 on improved trading volume yesterday. If a breakout happens above that level, the bullish momentum may propel the stock towards the MYR0.74 resistance – April’s high. This is then followed by the MYR0.80 next resistance – the highest point seen since Oct. Meanwhile, a drop below the MYR0.675 support may reverse the momentum southwards as it falls below the 21-day average line.

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