Uzma is on track to print a fresh 52-week high as it broke above the MYR0.77 level, on surging trading volume.
RHB Retail Research, in a note today (Aug 30), said coupled with a “higher high” bullish pattern, the momentum is expected to propel the stock towards the MYR0.90 resistance, followed by the MYR1 mark.
However, falling below the MYR0.71 support would indicate a downtrend, forming a “lower low” bearish pattern while trading below the 21-day SMA line.
Ranhill Utilities underwent a technical breakout, surpassing the previous resistance of MYR0.655. Supported by significant trading volume, the stock is set to climb towards the MYR0.73 resistance, followed by MYR0.80.
A breach below the MYR0.605 support – forming a “lower low” bearish pattern below the 21-day SMA line – would dent sentiment and spark a downtrend.
