Swift Houlage Breakout

2023년 10월 31일

Swift Houlage is a logistic company operates in Malaysia & Thailand. It became public listed in year 2021, the IPO price was at Rm1.03.
In my perspective, the management has fresh ideas in navigating the company to expand further. This could be seen when Swift has expanded its fleet by adding 50 prime movers last year, and is keen to be the first logistics player to transition its fleet to renewable-powered trucks, as it commits to procure only electric prime movers or trucks powered from 2030 onwards.
On chart pattern wise, there was a huge upward surge from 15 Sep '23 to 02 Oct 23 at the range of 0.475 (lowest) to 0.585 (highest) ranging 23% up.
From that point on, the price had been cosolidated in a bullish falling wedge pattern until it show a breakout from that trend today, by closing at 0.545 cancelling 2 times of "lower high" chart pattern.
We also can see the MACD had made a golden cross, and today's volume is above 20 days average.
At current point,
1) the previously resistance 0.520 had become support while S2 is sitting at 0.505.
2) next resistant R1 is 0.585 and R2 is at 0.610.
3) breaking out from 0.610, it may go to 0.625 to fill the gap that it created on 13th Jun '22.

On the bearish side,
if it cannot close above 0.585, it will create double top pattern which may bring it to 0.480 or 0.440 at final support.

Disclaimer:
This is not a Buy / Sell call. This material is for learning purposes only.
Consult your financial advisor and trade at your own risk.