UOADEV’s technical picture looks interesting as the share price is poised to overcome the 4 months downward slopping channel resistance @RM2.30-RM2.38. In fact, buying interest seems to be gaining traction as all indicators are gradually hooking to the upside with the MACD turning positive recently. Should the uptrend resistance is taken out in a decisive manner, we suspect UOADEV may draw a new bullish picture as the share price may pave a way towards RM2.57 (Fibonacci) and RM2.75 (record high) next. Otherwise, a protective support is pegged at RM2.25 (20-day SMA). 

 

Source: Kenanga