KUALA LUMPUR: Jaya Tiasa Holdings Bhd, which has been on an uptrend, continued to climb to its highest in almost four months in early trade Friday.
The oil palm and timber producer rose 3.01%, or 2.5 sen to 85.5 sen, its highest since Jan13, 2021, with 9.22 million shares traded.
Rakuten Trade said Jaya Tiasa has formed a breakout from sideways trading with formation of higher lows structure, suggesting a resumption of buying momentum.
“Along with positive reading from key indicators, buying interest is set to persist,” it added.
The research house said the resistance levels are at 86.5 sen (R1) and further to 91 sen (R2).
“For the downside, support levels are expected at 77 sen (R1) and next at 73.5 sen (S2),” it said.
In the first six months to Dec 31, 2020, Jaya Tiasa posted a net profit of RM39.47mil from RM8.5mil in the same period a year ago. Revenue, however, was lower at RM372.58mil against RM419.43mil previously.