With CPO index still holding onto its recent gain, the current sharp correction in the equity market may have thrown up some interesting Trading Buys amongst the plantation sector.
Chart 1: CPO's weekly chart as at January 17th (from ifs.marketcenter.com)
Amongst them are Sime, IOICorp & HSPlant, which had all tested their respective horizontal support & recovered. The horizontal supports are at RM11.50-60 for Sime; RM7.90-8.00 for IOICorp; and, RM3.30 for HSPLant.
Chart 2: Sime's daily chart as at January 17 (courtesy of Quickcharts)
Chart 3: HSPlant's daily chart as at January 17 (courtesy of Quickcharts)
Chart 4: IOICorp's daily chart as at January 17 (courtesy of Quickcharts)
KLK had corrected less & has yet to tested its horizontal support of RM17.00-20.
Chart 5: KLK's daily chart as at January 17 (courtesy of Quickcharts)
My preference is Sime, at RM11.50-60 level.
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