Friday, December 30, 2011

OSK Research: Rimbunan Sawit's upward momentum may resume soon

KUALA LUMPUR (Dec 30): OSK Retail Research said Rimbunan Sawit's share price has been consolidating nicely after rebounding strongly on Dec 7.

It said on Friday based on the fact that a new strong support floor is being constructed at the 83 sen level, its price action has been constructive throughout the month of December.

'Moreover, with its trading volume momentum seemingly picking up over the last two trading sessions, we advise traders to start accumulating the shares at the current level.

'The stock may start retesting the RM1.04 peak recorded in October this year. The cut-loss point is pegged at either the 84 sen or 83 sen level. Meanwhile, the latest uptrend that started since September this year remains firmly intact,' it said.

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