Swift Haulage is in the process of consolidating sideways following the recent uptrend reversal. The bulls are expected to re-emerge if the stock manages to bounce above the MYR0.85 immediate resiatance level – to form a “higher high” bullish pattern. If the breakout happens, we expect the stock to scale higher towards the MYR1.00 psychological resistance, before reclaiming its highest level at the MYR1.13 resistance. In the event it drops below the MYR0.80 support, the stock may resume its downtrend, forming a “lower low” bearish structure.

Source: RHB Securities Research - 17 Feb 2022