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.