Chin Hin Group Bhd (CHINHIN, 5273)

• Share price closed 5.1% higher at RM2.69 on Wednesday.

• CHINHIN has been trading in an uptrend line since Oct last year. We see that it breaks out from its double bottom pattern to form a Green Marubozu candlestick. There is also three white solders formation on the last 3 trading days signalling strong buying interest.

• Its share price is also currently trading above all its key moving averages. We are also seeing a bullish signal in its MACD indicator. Hence, we anticipate the share price to move higher.

• Resistance levels are identified at RM2.75 (R1) and RM3.00 (R2).

• On the flipside, support levels are pegged at RM2.56 (S1) and RM2.37 (S2).

Source: Rakuten Research - 3 Mar 2022