Shin Yang Shipping Corporation pushed out from the 1-week bullish flag pattern with a white candle yesterday, likely indicating the return of buying interest. With the rising 20-day EMA and coupled with a high trading volume, this has enhanced the bullish momentum. A bullish bias may emerge above the RM0.70 level, and the bullish momentum should lift it towards the subsequent resistance levels of RM0.80, followed by RM0.87. Towards the downside, stop-loss is set at RM0.64, below 19 Sep’s low.

Entry : RM0.70–0.75

Target : RM0.80, RM0.87

Exit : RM0.64

Source: AmInvest Research - 21 Sept 2022