Quick take:SYF shares down on profit-taking

KUALA LUMPUR: Shares in SYF Resources Bhd were lower in early trade Tuesday as investors take profit after recent gains.

The rubberwood furniture manufacturer declined 1.18%, or 0.5 sen to 42 sen with over four million shares traded. Year-to-date, the counter has risen about 6.4%.

“SYF is set for an uptrend reversal eyeing its recent high after it moved past the nearest resistance of 41.5 sen on strong volume – printing a long white candlestick,” RHB Retail Research said.

“If it manages to remain above that level, the positive momentum may continue to propel the stock towards 46 sen recent high, followed by the 50.5 sen, which was its 52-week high.

“However, this expectation will be cancelled if it falls below the support of 38.5 sen,” it added.

Rakuten Trade Research said there was a formation of an ascending channel where it saw higher lows and higher highs since 18 May.

“SYF had also broken out above the crossover of both MA20 and MA50 recently with relatively higher volume. SYF is on a long-term uptrend as it is always trading above its MA200,” it said in its technical view report.

The research house said the buying momentum was set to resume along with higher trading volume accompanied by upticks in indicators, hence SYF was poised to move higher.

“Resistance levels are identified at 44 sen (R1) and 46 sen (R2). On the flipside, support levels are pegged at 40 sen (S1) and 38.5 sen (S2),” it added.

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