Jan 10, 2013

Trading Buy On Break Out - SYF

Chart wise: SYF Resources Bhd (stock code 7082) Consumer services – RM0.78

SYF’s candle almost retested its recent high of RM0.80 after clearing its range-bound trend two days ago. Its core indicators are also inching up as a result with the MACD tipping up once again. With its technical indicators showing renewed strength, the RM0.80 level may be breached and if so, the stock is a trading buy on the breakout.

below: SYF Daily Chart (click to enlarge)

syf analysis

Failure to clear the line, however, leaves a neutral recommendation. Above RM0.80, the other resistances are at RM0.83, last seen in September 2012. The support, meanwhile, is at RM0.695

by Mercury Securities