Sarawak Oil Palms Bhd and Hibiscus Petroleum Bhd have broken through critical technical resistance levels, positioning both equities for further upside according to technical analysis.
The breakouts coincide with a broader strengthening trend in Malaysian commodity-linked equities, driven by sustained momentum in underlying raw material prices.
RHB Research highlighted the technical significance of the moves, noting that the breach of resistance levels suggests the recent rallies in both counters are likely to extend.
The brokerage’s assessment points to continued buying interest as long as the technical structure holds, providing a clear signal for traders monitoring these specific names.
The equity strength is underpinned by a robust performance in the underlying commodity markets.
Malaysian palm oil futures advanced for a third straight trading session, fueled by broad strength across global edible oil markets and positive export data from the region.