Tiong Nam Logistics Holdings (TNLOGIS, 8397)

• TNLOGIS may trend higher after it gapped up and broke out from the one-month bullish flag patternyesterday. With the stock bouncing off the 20-day EMA coupled with its RSI indicator pointing upwards, the bullish momentum appears to be picking up.

• We expect the rising momentum to steer the stock higher and test the next level of resistance ofRM0.88 (R1), followed by RM0.95 (R2).

• On the downside, stop-loss is set at RM0.73.
  

Source: Rakuten Research - 6 Jun 2024

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