UEM Sunrise has rebounded from its low to test the immediate resistance level of RM0.74. With a rising RSI, a bullish bias may be present above this mark with a target price of RM0.78. Meanwhile, it may continue moving sideways if it fails to break above RM0.74 in the coming sessions. In this case, the immediate support is anticipated at RM0.705, whereby traders may exit on a breach to avoid the risk of a further correction.

Trading Call: Buy upon breakout above RM0.74

Target: RM0.78 (time frame: 3-6 weeks)

Exit: RM0.705

Source: AmInvest Research - 4 Dec 2019