According to RHB Research’s technical analysis report, this counter is set to resume its recent uptrend reversal as it climbed above the MYR1.72 immediate resistance yesterday – forming a “higher high” bullish pattern. The bullish bias above the breakout level may take the stock towards the MYR1.80 level, followed by MYR1.86, which was the high of 5 May. However, the counter may reverse direction if it falls below the MYR1.64 support, as it may form a “lower low” bearish pattern below the average line.
UWC is eyeing to propel upwards as it attempted to surpass its consolidation level of MYR4.13 yesterday – above the 21-day
SMA line. If the breakout happens, the bullish bias above that level may bring the counter higher towards MYR4.79 or 16
Feb’s high. This is followed by MYR5.07, i.e. 10 Feb’s high. If it falls below the MYR3.78 support, the momentum may reverse
direction, as it forms a “lower low” bearish pattern below the average line.