SYF Resources Bhd (SYF, 7082)

• SYF closed 6.25% higher at RM0.425 on Monday.
• There is a formation of ascending channel where we see higher lows and higher highs since 18 May. SYF had also broke out above the crossover of both MA20 and MA50 recently with relatively higher volume. SYF is on a long-term uptrend as it is always trading above its MA200.
• Buying momentum is set to resume along with higher trading volume accompanied by upticks in indicators, hence SYF is poised to move higher.
• Resistance levels are identified at RM0.440 (R1) and RM0.460 (R2).
• On the flipside, support levels are pegged at RM0.400 (S1) and RM0.385 (S2).

Source: Rakuten Research - 21 Sept 2021