Swift Haulage has staged a bullish breakout, and is eyeing to extend the upside movement. We observed that the stock broke past the MYR0.475 resistance on strong volume and charted a fresh “higher high” bullish pattern. If the momentum sustains, the stock should climb towards the next resistance pegged at MYR0.50, followed by MYR0.52. On the other hand, falling below the MYR0.455 support would dent market sentiment and set off the correction phase.

Source: RHB Securities Research - 24 Jul 2023