Swift Haulage is poised for an uptrend reversal as it climbed higher and attempted to break above the immediate resistance of MYR0.51 yesterday. If a breakout above that level happens, the bullish bias may propel the stock towards the MYR0.59 resistance or 14 Jun’s high, and then MYR0.645 – 10 Jun’s high. However, the stock may reverse direction if it falls below the MYR0.46 support level – as it may form a “lower low” bearish pattern beneath the 21-day average line.

Source: RHB Securities Research - 2 Aug 2022