Straits Inter Logistics Bhd (0080)

• STRAITS closed unchanged at RM0.245 yesterday.
• Technically, STRAITS is trending above its key moving averages which is a positive sign. The announcement of a HOA (heads of agreement) with an upstream O&G co. Elsa Energy Sdn Bhd to explore acquisition opportunities may provide a boost to its share price, potentially breaking out from its consolidation phase.
• From here, resistance levels are identified at RM0.250 (R1) and further to RM0.260 (R2).
• On the flipside, support levels are expected at RM0.245 (S1) and RM0.240 (S2).

Source: Rakuten Research - 7 May 2019