MKH Oil Palm (East Kalimantan) is resuming the upside movement after staging a technical breakout. The stock has crossed above the 21-day SMA line – it has also closed above the MYR0.65 resistance. This latest price action shows a bullish technical setup is in play. After the breakout, it may continue to move towards MYR0.68, followed by the MYR0.71 level. On the downside, breaching below the MYR0.625 support negates the bullish setup and will kickstart a correction.

Source: RHB Securities Research - 7 Feb 2025