BUY with a target price of RM3.44 and stoploss at RM2.69. Based on the daily chart, UCHI formed a breakaway gap and closed higher at RM2.89 yesterday. A buy signal has been given with the Positive Directional Index (+DI) crossing above the Negative Directional Index (-DI). The ADX line shows a positive uptrend at this level. This is also supported by an uptick in the RSI and bullish crossover in the MACD. We peg our targets at RM3.32 and RM3.44 in the near to medium term.
Expected Timeframe: 2 weeks to 2 months.
Source: UOB Kay Hian Research - 11 Jul 2018
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