Stock Picks for Stocks with Momentum: L&P Global, UEM Sunrise

L&P Global

This counter, according to RHB Retail Research’s technical analysis report (Jan 26), is set to resume its uptrend following a recent pullback. It broke past MYR0.55 yesterday on high trading volume to form a “higher high” bullish structure. If the breakout sustains, the bulls will drive the stock towards the MYR0.60 resistance level (11 Jan’s high), before reclaiming its all-time-high of MYR0.615, which was printed on 10 Jan. Conversely, the counter may reverse its direction if it falls below the MYR0.52 support level, forming a “lower low” bearish structure.

UEM Sunrise

UEM Sunrise is poised for an uptrend reversal from a recent major retracement. It bounced off the 21-day average line yesterday to hit the MYR0.27 resistance level – within its sideways consolidation phase. If it manages to surpass the resistance level to form a “higher high” bullish pattern, the stock may propel towards MYR0.30, followed by MYR0.315, which was Nov 2022’s high. However, the counter may move downwards if it falls below the MYR0.24 support level, as it would be trading below the short-term average line, forming a “lower low” bearish pattern.

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