Swift Haulage is poised for an upward rebound, after bouncing off the 21-day average line to hit the MYR0.50 threshold yesterday on higher trading volume. If it manages to surpass this level, the bulls will drive the stock towards the recent high of MYR0.525 (12 Dec 2022’s high), followed by the next resistance level of MYR0.57 (12 Sep 2022’s high). Conversely, the counter may reverse its direction if it falls below the MYR0.475 support level to form a “lower low” bearish structure below the average line.
Source: RHB Securities Research - 27 Jan 2023
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