Shin Yang Group Bhd (SYGROUP, 5173)

• We believe buying interests on SYGROUP may have returned following a break-out from its 2-monthrectangular pattern with a long white candle yesterday. Given the supportive technical reading in RSI coupled with the positive cross of its 20-day EMA above the 50-day EMA, this bullish crossover has enhanced the near-term positive momentum.

• We expect the rising momentum to steer the stock higher and test the next resistance of RM0.68(R1) and RM0.71 (R2) in the near term.

• On the downside, stop-loss is set at RM0.585, below 2 May’s low.
  

Source: Rakuten Research - 14 May 2024

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