Date: September 24, 2024
Broker: CGS International
Company Overview
Sin-Kung Logistics Berhad provides logistics services, specializing in airport-to-airport road feeder services. The company’s offerings also include container haulage, warehousing, distribution, and other logistics-related services. Sin-Kung Logistics serves customers in Malaysia, China, and Hong Kong, focusing on efficient and reliable logistics solutions.
Technical Analysis
On September 23, 2024, Sin-Kung Logistics’ stock closed at RM0.18, reaching its all-time high. The stock has been consolidating in a sideways pattern for the past few months after hitting a 52-week high. Recently, the price has broken above the resistance level of its bullish flag pattern, signaling a potential end to the consolidation and indicating further upside momentum.
Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) have turned positive, suggesting that the bulls are regaining control. The breakout above the flag pattern strengthens the expectation of further price increases in the short term.
Entry, Support, and Resistance Levels
- Entry Price Range: RM0.17 – RM0.18
- Support Levels:
- Support 1: RM0.160
- Support 2: RM0.145
- Resistance Levels:
- Resistance 1: RM0.185
- Resistance 2: RM0.200
- Target Price: RM0.20, RM0.21
- Stop Loss: RM0.155
Trade Recommendation
Aggressive traders may consider entering long positions at the current price or on weakness, with a stop loss set at RM0.155, just below the last swing low. The stock is expected to record new highs in the near term, targeting RM0.20 and RM0.21 as the next price levels.
Analyst Coverage
Conclusion
Sin-Kung Logistics is showing signs of breaking out of its consolidation phase, with technical indicators supporting further upside. The stock’s recent breakout from the bullish flag pattern indicates potential growth, making it an attractive option for short-term traders aiming for new highs in the coming weeks.
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