Innoprise Plantations Bhd (INNO, 6262)

• INNO broke out from a U-shape pattern recently and surpassed its two-year high of RM1.64 in theprevious session. The stock bounced off from the 20-day EMA, along with a bullish cup-and-handle formation, further indicating that the bullish momentum is strengthening.

• We anticipate the rising momentum to steer the stock higher and test the next resistance at RM1.75(R1) followed by RM1.83 (R2) in the near term.

• On the downside, stop-loss is set at RM1.58.

Source: Rakuten Research - 1 Nov 2024

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