Molded-timber manufacturer and exporter SYF gained 9.0sen (7.8%) yesterday, closing at RM1.25 as the company announced that it will jointly develop their land in Sungai Long with several private property developers last month. In the past few months, formation of “Pennant” chart pattern is seen and its share price has broken out from it resistance level at RM1.18 with strong trading volume recorded. Post the multi-month downtrend, MACD seems to be turning upwards looking poised for a positive crossover the Signal Line, signaling strong buying interest. Meanwhile, momentum looks assuring with both RSI and Stochastic indicators hooking upwards. Overall, the technical picture looks promising for this counter and thereby we are placing a “Trading Buy” call on this stock with a target of RM1.84 coupled with a strict stop-loss at RM1.11.

 

 

Source: Kenanga