We expect further upside for UWC given that it took out the 5-month downtrend line three weeks ago. With its 20-day EMA is starting to turn upwards, additional upside strength may be present in the coming sessions. A bullish bias may emerge above the RM2.90 level, with a stop-loss set at RM2.68, below 26 May’s low. Towards the upside, the near-term resistance level is seen at RM3.30, followed by RM3.50.

Entry : RM2.90–2.98

Target : RM3.30, RM3.50

Exit : RM2.68

Source: AmInvest Research - 21 Jun 2022