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Share price rebound may be coming for Rimbunan Sawit, says HLIB Research

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Share price rebound may be coming for Rimbunan Sawit, says HLIB Research Empty Share price rebound may be coming for Rimbunan Sawit, says HLIB Research

Post by hlk Mon 18 Jun 2012, 18:49

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.
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Share price rebound may be coming for Rimbunan Sawit, says HLIB Research Empty Re: Share price rebound may be coming for Rimbunan Sawit, says HLIB Research

Post by Cals Mon 18 Jun 2012, 20:04

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