RHB Retail Research said Shin Yang Shipping Corp Bhd is set to stage an uptrend reversal as it bounced off the 21-day average line yesterday while crossing above the 74 sen immediate resistance.
In a trading stocks note today, the research house said that coupled with strong volume and forming a “higher high”, the bullish bias above that level may propel the stock to the resistance level of 81.5 sen or Sept 23’s high, followed by 87.5 sen ie the high of Sept 12.
“However, the counter may reverse direction if it falls below the 66.5 sen support, negating the previous breakout level,” it said.
Source: The Edge Markets
