Published: Monday June 18, 2012 MYT 12:44:00 PM
Updated: Monday June 18, 2012 MYT 3:05:38 PM
Share price rebound may be coming for Rimbunan Sawit, says HLIB Research
KUALA LUMPUR: Hong Leong Investment Bank (HLIB) Research opined that a rebound is in the pipeline, concerning the share price of Rimbunan Sawit Bhd. According to HLIB Research, Rimbunan Sawit's recent correction from a 52-week high of RM1.22 (Feb 10) to RM0.99 (May 16) has nearly reached the weekly lower Bollinger band at RM0.98, and the research unit thinks that a temporary base has been formed and a rebound is in the pipeline.
HLIB Research said if prices can continue to consolidate upwards after recent breakout from its downtrend channel, there is a good chance that Rimbunan Sawit may reclaim the RM1.07 and RM1.10 levels.
A breakout above RM1.10 will spur prices to retest RM1.12 and three-month high at RM1.16.
The significant resistance is RM1.22.
Supports are RM0.97 to RM0.99 and RM0.97. Cut loss below RM0.96.