Shangri-La Hotels (Malaysia) Bhd (SHANG, 5517)

• Share price closed 3.3% higher at RM3.45 on Thursday.

• SHANG has broken out from its downtrend channel on 10 May 2022 and formed a bullish engulfing candlestick over the past 2 trading days. Its share price also started trading above all its key moving averages yesterday.

• Coupled with upticks in its indicators, its share price is expected to move higher.

• Resistance levels are identified at RM3.57 (R1) and RM3.65 (R2).

• On the flipside, support levels are pegged at RM3.34 (S1) and RM3.21 (S2).

Source: Rakuten Research - 13 May 2022