We expect further upside for UWC after it gapped up, pushing out from the 4-week bullish flag pattern yesterday. As its 20-day and 50-day EMAs are converging now and are likely to turn up in the near term, the bullish momentum is rising. A bullish bias may emerge above the RM3.40 level, with a stop-loss set at RM3.23, below the 50-day EMA. Towards the upside, the near-term resistance level is seen at RM3.80, followed by RM4.00.
Entry : RM3.40–3.58
Target : RM3.80, RM4.00
Exit : RM3.23
Source: AmInvest Research - 21 Jul 2022
