We expect further upside in Shin Yang Shipping Corp after it gapped up and pushed above the key RM0.47 resistance (the horizontal line) on Tuesday. As the stock also surged to a fresh multi-year high and coupled with its rising EMAs, a bullish outlook can be expected here. A bullish bias may emerge above the RM0.49 level, with a stop-loss set at RM0.46, below 30 Aug’s upside gap support. Towards the upside, the near-term resistance level is seen at RM0.55, followed by RM0.60.

Entry : RM0.49–0.52

Target : RM0.55, RM0.60

Exit : RM0.46

Source: AmInvest Research - 1 Sept 2022