Tiong Nam Logistics Holdings is poised to extend its upward movement, after bouncing off the 21-day SMA line. It breached above the immediate resistance of MYR0.87 on strong trading volume last Friday. If it stays above that level, the positive momentum may propel the stock towards the immediate resistance of MYR0.915, followed by its multi-year high of MYR1.00. Meanwhile, if it falls below the MYR0.835 support level – below the 21-day SMA line – this expectation will be cancelled.

Source: RHB Securities Research - 23 Aug 2021