Shin Yang’s uptrend may be extended after it breached the resistance on strong volume. The counter rose above the MYR0.90 resistance to form a fresh “higher high” bullish candlestick. Trading volume has been increasing, and its price implies that the momentum is bullish. This may propel it towards the next resistance of MYR0.97, followed by MYR1.05. Conversely, falling below the MYR0.82 support will open the door to a correction.

Source: RHB Securities Research - 29 Jul 2024