Swift Haulage is poised to resume its uptrend reversal as it sustained above the 21-day average line following the recent pullback – forming a “higher low” bullish structure. If it manages to climb above the immediate resistance at MYR0.50, the stock may rebound higher towards hitting the MYR0.52 next resistance level, followed by the MYR0.57 resistance, or 12 Sep’s high. Conversely, the stock may reverse direction if it falls below the MYR0.47 support, forming a “lower low” bearish structure beneath the average line.

Source: RHB Securities Research - 20 Dec 2022