Tiong Nam Logistics Holdings Bhd (TNLOGIS, 8397)

• TNLOGIS closed 4.2% or 3.5 sen higher to RM0.87 yesterday.

• Recent price action suggests re-emergence of buying interest as it has gradually rebounded from a recent low of RM0.785 and closed with positive candle yesterday. Meanwhile, the uptick on indicators are signifying encouraging signals implying share price is likely to propel higher.

• From here, key resistance levels are expected at RM0.95 (R1) and further to RM1.00 (R2).

• On the downside, support levels are set at RM0.825 (S1) and RM0.780 (S2).

Source: Rakuten Research - 18 Mar 2021