Rakuten Trade Research Reports

Technical View - Synergy House Bhd

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Publish date: Thu, 13 Jun 2024, 10:41 AM
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Synergy House Bhd (SYNERGY, 0279)

  • Share price has surged 2.2x since our fundamental buy call on 18 March 2024 and risen 34% sinceour technical buy call on 25 April 2024.
  • SYNERGY may trend higher after gapping up and reaching to a new all-time high yesterday.Additionally, the stock has broken out from its five-week bullish rectangular pattern, surpassing the RM1.65 resistance yesterday, indicating a continuation of prevailing uptrend.
  • We expect the rising momentum to steer the stock higher and test the next level of resistance ofRM1.85 (R1), followed by RM2.00 (R2).
  • On the downside, stop-loss is set at RM1.47, below the 20-day EMA.
  • Fundamentally, SYNERGY has been appointed as the authorized service partner in Malaysia by oneof the world's largest home retailers. This milestone further solidifies SYNERGY’s position in the global furniture industry. From a financial perspective, this partnership introduces a new revenue stream for SYNERGY, including potential one-off onboarding services and recurring transactions. Overall, we are optimistic on SYNERGY due to its strategic partnerships, expanding earnings streams, and strengthening its status within the industry.

Source: Rakuten Research - 13 Jun 2024

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