We expect further upside for UMediC Group after it recouped the previous two weeks’ losses and pushed higher from its RM0.50 psychological support yesterday. As the stock also broke out of the 2-week bullish triangle pattern with a long white candle, it may see additional strength in the near term. A bullish bias may emerge above the RM0.54 level, with a stop-loss set at RM0.495, below 12 Aug’s low. Towards the upside, the near-term resistance level is seen at RM0.58, followed by RM0.60.

Entry : RM0.54–0.555

Target : RM0.58, RM0.60

Exit : RM0.495

Source: AmInvest Research - 16 Aug 2022