Shin Yang Group is poised to extend the bullish trajectory after breaking past the immediate resistance. The stock printed a white candlestick yesterday and closed above the MYR0.90 resistance, confirming a bullish setup is in play. Meanwhile, the 21-day SMA line is pointing upwards, which suggests the shortterm trend is bullish. After the breakout, it should climb towards MYR0.95, followed by the MYR1 mark. Conversely, if it falls below the MYR0.835 support, this invalidates the bullish setup.

Source: RHB Securities Research - 23 Oct 2024