We expect further upside for Uzma given that it took out the 3-month downtrend line with a long white candle yesterday. As its 20-day and 50-day EMAs are converging now and likely to turn up soon, bullish momentum is rising. A bullish bias may emerge above the RM0.65 level, with stop-loss set at RM0.60, below the 20-day EMA. Towards the upside, near-term resistance level is seen at RM0.75, followed by RM0.80.

Entry : RM0.65–0.68

Target : RM0.75, RM0.80

Exit : RM0.60

Source: AmInvest Research - 31 May 2023