We expect further upside in Unisem (M) given that it took out the 8-month downtrend line two sessions ago. The stock also posted two long white candles in a row while its 20-day EMA is starting to turn upward, likely suggesting that its bullish momentum is picking up further. A bullish bias may emerge above the RM2.80 level, with a stop-loss set at RM2.61. Towards the upside, the near-term resistance level is seen at RM3.40, followed by RM3.60.

Entry : RM2.80–3.00

Target : RM3.40, RM3.60

Exit : RM2.61

Source: AmInvest Research - 1 Aug 2022