Plantations Trend reversal - Where will it go?

Many Plantation counters traded actively today compared to their performance during the last few weeks. We can see a bullish trend reversal in the sectoral chart. Lankem Developments who owns Agarapathana Plantations was the game changer on Friday the 18th. (Covered in the ASI weekly Report). This brought interest to many other plantations today. I give below the Charts pertaining to the Sector and the Counters as follows:

PLT -

Since the 3rd week of December 2018, there was a trend reversal in the Sector, which has now broken out of 750 points. It is now heading to test the resistance zone between 805 and 842. From the present close of 766 to 800 points there is room for growth. We need to see how successful the bulls are going to be to break out of 800 points. Need to see how it will perform.

 

LDEV - 

A volume of 1.046Mn shares traded today. More than a Million were absorbed between 4/50 and 4/60. This shows that there is a consolidation going on. As long as 4/50 is supported we will see new highs in the Counter.

MASK - 

MASK has seen a momentum change today. This needs to be defended to see higher highs. Need to wait for the momentum increase.

 MADU - 

Trend changed with an impulsive move. Need a strong build up. Accumulation between 6/50 and 7/50 is important for the counter to hit 8/80.