CEO Morning Brief

Synergy House Gaps Up and Hits Record High of RM1.85

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Publish date: Fri, 14 Jun 2024, 10:32 AM
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TheEdge CEO Morning Brief

KUALA LUMPUR (June 13): Synergy House Bhd (KL:SYNERGY) shares rose in early trade on Thursday and jumped 4.55%, extending their advance from a day earlier.

At the time of writing, Synergy had risen eight sen to RM1.84, with 254,100 shares traded. The stock earlier climbed to a record high of RM1.85.

Rakuten Trade said Synergy may trend higher after gapping up and reaching a new all-time high on Wednesday.

In a technical view note on Thursday, the research house said that additionally, the stock had broken out from its five-week bullish rectangular pattern, surpassing the RM1.65 resistance on Wednesday, indicating the continuation of a prevailing uptrend.

“We expect the rising momentum to steer the stock higher, and test the next level of resistance of RM1.85 (R1), followed by RM2 (R2).

“On the downside, stop-loss is set at RM1.47, below the 20-day exponential moving average.

Rakuten said that fundamentally, Synergy had been appointed as the authorised service partner in Malaysia by one of the world's largest home retailers.

It said this milestone further solidifies Synergy’s position in the global furniture industry.

“From a financial perspective, this partnership introduces a new revenue stream for Synergy, including potential one-off onboarding services and recurring transactions.

“Overall, we are optimistic about Synergy due to its strategic partnerships, expanding earnings streams, and the strengthening of its status within the industry,” the research house said.

Source: TheEdge - 14 Jun 2024

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