KUALA LUMPUR (Feb 17): RHB Retail Research said Swift Haulage Bhd is in the process of consolidating sideways following the recent uptrend reversal.

In a trading stocks note on Thursday (Feb 17), the research house said the bulls are expected to re-emerge if the stock manages to bounce above the 85 sen immediate resistance level – to form a “higher high” bullish pattern.

“If the breakout happens, we expect the stock to scale higher towards the RM1.00 psychological resistance, before reclaiming its highest level at the RM1.13 resistance.

“In the event it drops below the 80 sen support, the stock may resume its downtrend, forming a 'lower low' bearish structure,” it said.