SATS' stock price may extend gains after breaching major resistance at S$3.15 on Tuesday, Phillip Securities Research's Zane Aw says in a commentary.

This upside break has come after the stock price rebounded above the S$3.03 level at end-June, which provides a bullish signal on the technical chart, the analyst says.

The moving average convergence divergence indicator shows increasing upward momentum with a bullish crossover formed recently, the analyst says.

The stock price is likely to rise further and reach S$3.40, a previous swing high resistance level seen in mid-February, the analyst adds.

The stock is unchanged at S$3.24.