UMW Holdings surged to a new multi-year high with a long white candle a few sessions ago, which likely indicates the return of buying interest. Given that the stock has broken out from the 1-month bullish flag pattern as well, a bullish outlook can be anticipated here. A bullish bias may emerge above the RM3.80 level, with a stop-loss set at RM3.58, below the 50-day EMA. Towards the upside, the near-term resistance level is seen at RM4.20, followed by RM4.50.

Entry : RM3.80–3.90

Target : RM4.20, RM4.50

Exit : RM3.58

Source: AmInvest Research - 21 Feb 2023