Johor Plantations Group Bhd

• JPG has surpassed our targets and hit its all-time high of RM1.47 in mid-November. After a healthy pullback, the stock broke out from a triangle pattern last Friday. This breakout is bolstered by the widening gap between the 20 and 50-day EMAs, along with a robust RSI, signalling the potential for further upside in the near term.

• We expect the rising momentum to steer the stock higher and test the next resistance at RM1.47 (R1) followed by RM1.53 (R2) in the near term.

• On the downside, stop-loss is set at RM1.23.

Source: Rakuten Research - 2 Dec 2024

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