Swift Haulage is set propel towards its YTD high, as it bounced off the 21-day SMA line, surpassing the immediate resistance of MYR0.48 yesterday on significant trading volume and forming a “White Marubozu” bullish candlestick. The “higher high” bullish pattern may see the stock propel towards the MYR0.51 resistance, its YTD high, followed by the MYR0.55 mark. However, if the stock falls below the support of MYR0.46, forming a “lower low” bearish pattern, it would negate our expectations.
Source: RHB Securities Research - 11 Apr 2023
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