SYF’s share price surged 6 sen or 13.6% to RM0.50 yesterday, supported by heavy volumes as the market interest on furniture counter heats up on the back of strong USD. Technically, the share price broke out from its previous resistance of RM0.46 (S1) to stay above its 20-Day MA trend line while touching its 50-Day MA trend lines, indicating an uptrend movement. MACD indicator was positive to signal a bullish bias, while both Stochastics and RSI indicators both hooked upwards to showcase the positive buying momentum. Thus we advocate investors to ride on the bullish momentum as we expect the rally to continue if the buying volume can be sustained, with target price set at RM0.56 which is its long-term resistance level.

 

 

Source: Kenanga