UMW Holdings broke out from its 2-week bullish flag pattern 2 sessions ago implying that its previous uptrend may have resumed. As the 20-day and 50-day EMAs have established their bullish crossover since mid-July, the current upward momentum may continue in the near term. A bullish bias may emerge above the RM4.00 level, with a stop-loss set at RM3.75, below the 50- day EMA. Towards the upside, the near-term resistance level is seen at RM4.50, followed by RM5.00.

Entry : RM4.00–4.12

Target : RM4.50, RM5.00

Exit : RM3.75

Source: AmInvest Research - 2 Aug 2023